TMI BlogPenalty u/s 271(1)(c) - the assessee has admitted discovery of loose papers, documents/electronic data...Penalty u/s 271(1)(c) - the assessee has admitted discovery of loose papers, documents/electronic data and whose basis he has prepared his return showing additional income. In the face of the above discovery of evidence, it could not be said that Explanation 5A is not applicable - Penalty confirmed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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