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Income Tax - Highlights / Catch Notes

Home Highlights March 2020 Year 2020 This

Disallowance of professional fees paid by the assessee as well ...

Income Tax

March 31, 2020

Disallowance of professional fees paid by the assessee as well as interest expenditure incurred - assessee is not carrying on any business during the year - Additions confirmed - However, merely because the issue is decided against the assessee confirming the disallowance it cannot result into levy of penalty for furnishing of inaccurate particulars - Levy of penalty deleted.

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