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Income Tax - Highlights / Catch Notes

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Penalty u/s 271(1)(c) - Since the addition itself ought not ...

Income Tax

Penalty u/s 271(1)(c) - Since the addition itself ought not have been made in the hands of the assessee, because this bank account did not belong to the assessee, rather it belonged to HUF, therefore, for the purpose of penalty, we are satisfied that the assessee does not deserves to be visited with penalty in these circumstances.

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