Penalty imposed u/s 271(1)(c) read with section 274 - It may be ...

Income Tax

January 14, 2015

Penalty imposed u/s 271(1)(c) read with section 274 - It may be a good case for quantum addition but not for imposing penalty. Estimation is outcome of subjective approach of the individual. If we sustain the part penalty even after a huge surrender made by the assessee then the faith of the assessee will shake. Penalty deleted. - AT

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Penalty imposed u/s 271(1)(c) read with section 274 - It may be ...

Income Tax

January 14, 2015

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