Penalty u/s 271(1)(c) - there is no ‘tax sought to be evaded’, in terms of Explanation 4 to section...

Penalty u/s 271(1)(c) - there is no ‘tax sought to be evaded’, in terms of Explanation 4 to section 271(1)(c), on which penalty could be levied - even as the asessee has not furnished any explanation during the penalty proceedings or in the appellate proceedings no penalty is leviable .....

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