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EXPLANATION 4 TO SECTION 271(1)(c)

Income Tax - Penalties - Circumstances, Procedures and Relief - 05 - Penalty for concealment of income [Section 271(1)(c)] Under the existing provision contained in clause (c) of sub-section (1) of section 271 of the Act penalty for concealment of income for furnishing inaccurate particulars of income is levied on the amount of tax sought to be evaded , which has been defined, inter alia, as the difference between the tax due on the income assessed and tax which would have been chargeable had su .....

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urt held that book profit disclosed by assessee for purpose of tax liability under MAT provision was relevant and not income determined under provisions of the Income-tax Act. When concealment of income did not lead to tax evasion under MAT provisions, no penalty would be levied. Section 271 of the Act has been amended so as to provide that the amount of tax sought to be evaded shall be the summation of tax sought to be evaded under the general provisions and the tax sought to be evaded under th .....

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