Income Tax - Levy of penalty u/s 271(1) (c) - undisclosed investment -...

Income Tax

Levy of penalty u/s 271(1) (c) - undisclosed investment - Since the assessee could not explain the source of the purchase of the property and the payment towards interiors of villa the additions were made u/s. 69B confirmed - The addition so made was not voluntary but on being confronted during the assessment proceedings on the basis of seized material. - Levy of penalty confirmed - AT

View Source