Penalty for Unexplained Investments Avoided if Taxpayer Provides Valid Explanation Under Sec 271(1)(c) and Sec 69.

Penalty u/s 271(1)(c) - unexplained investment u/s.69 - The penalty can be justified only if assessee fails to offer an explanation or his explanation is found to be false. If these circumstances are not present, the penalty can be avoided if assessee is able to substantiate his explanation. .....

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