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Income Tax - Highlights / Catch Notes

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Penalty u/s 271 (1)(c) - when the computation was made u/s ...

Income Tax

September 20, 2018

Penalty u/s 271 (1)(c) - when the computation was made u/s 115JB, the aforesaid concealment had no role to play and was totally irrelevant. Therefore, the concealment did not lead to tax evasion at all.

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  9. In a taxing statute one has to go by the clear language of the statute and equity has no role to play while interpreting a taxing statute - HC

  10. Penalty u/s 271(1)(c) on addition made u/s 68 - the assessee has given sufficient explanation though not found satisfactory by AO - No merit in levying penalty.

 

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