Sunday 6 December 2015

AO can't impose penalty under sec.271(1)(c) once penalty proceedings are initiated under sec. 271AAA

IT: Provisions of sections 271AAA and 271(1)(c) are mutually exclusive and, thus, once penalty is initiated under section 271AAA for 'specified previous year', there cannot be any occasion to impose penalty under section 271(1)(c)

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