Penalty on income from bad debts recovered - the assessee has to offer the same to tax in the year in which the recovery is made. Since the assessee has failed to do, in violation of the mandated provisions of law, levy of penalty confirmed - AT
Penalty on income from bad debts recovered - the assessee has to offer the same to tax in the year in which the recovery is made. Since the assessee has failed to do, in violation of the mandated provisions of law, levy of penalty confirmed - AT
Note: It is a system-generated summary and is for quick reference only.
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