The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under section 271(c)(1) of the Income Tax Act cannot be made merely on the basis of the declaration made by the assessee during search proceedings. A search was carried out at the premises of the Dhanjimama group inconsequent to which, […]
The post No Penalty merely on basis of Admission during Search without Incriminating Materials: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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