Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Penalty u/s. 271(1)(c) - inadvertent omission of not excluding the short term loss u/s. 94(7) - AO has completed the assessment on the basis of details furnished by the assessee wherein he has paid voluntary taxes on disallowance u/s 94(7) - the assessee fully disclosed all the information asked for and has nowhere furnished any inaccurate particulars and since AO has not brought enough incriminating material then penalty is not leviable
Penalty u/s. 271(1)(c) - inadvertent omission of not excluding the short term loss u/s. 94(7) - AO has completed the assessment on the basis of details furnished by the assessee wherein he has paid voluntary taxes on disallowance u/s 94(7) - the assessee fully disclosed all the information asked for and has nowhere furnished any inaccurate particulars and since AO has not brought enough incriminating material then penalty is not leviable
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
