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Income Tax - Highlights / Catch Notes

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Penalty u/s 271(1)(c)- additions u/s 68 - the contention of the ...

Income Tax

August 9, 2016

Penalty u/s 271(1)(c)- additions u/s 68 - the contention of the assessee cannot be straightway rejected that such error may occur due to software problem - AT

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  4. Deletion of penalty u/s 271(1)(c) - Issues on basis of which ALP shown by the assessee has been rejected are debatable - No penalty - AT

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  7. Addition u/s 68 - the additional ground raised by the assessee that addition cannot be made u/s 68 of the Act on the basis of the bank statement is rejected.

  8. MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

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