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2003 (4) TMI 31 - HC - Income TaxPenalty under section 271D - From the statement given by the assessee, during the course of search operation to the raiding party, it clearly appears that he had unequivocally accepted the veracity of these documents along with their contents - On a perusal of these documents one has no hesitation that the authorities below have not committed any error in appreciating these documents, as the basis for a show cause notice under section 269SS r.w.s. 271D - transactions of disbursement of the respective amounts as reflected in these documents are clear and they have not been disputed by the assessee – penalty is justified
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