Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Penalty levied u/s 271(1)(c) - bogus claim of exemption u/s 11 - assessee claimed exemption of its income under section 11(1) of the Act without any registration under section 12AA(1) - mensrea - “Bonafides” have to be shown and cannot be assumed. Penalty confirmed.
Penalty levied u/s 271(1)(c) - bogus claim of exemption u/s 11 - assessee claimed exemption of its income under section 11(1) of the Act without any registration under section 12AA(1) - mensrea - “Bonafides” have to be shown and cannot be assumed. Penalty confirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
