Wednesday, August 25, 2021

Concealment penalty justified if assessee filed return belatedly only after survey conducted on him by Deptt.: HC

INCOME TAX : Where assessee had filed its return belatedly only after a survey was conducted upon him and not established reasonable cause for non-submission of his returns within time prescribed under section 153(1), impugned penalty under section 271(1)(c) levied upon it was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3mvJXvV

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...