Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Levy of penalty u/s 271(1) (c) - undisclosed investment - Since the assessee could not explain the source of the purchase of the property and the payment towards interiors of villa the additions were made u/s. 69B confirmed - The addition so made was not voluntary but on being confronted during the assessment proceedings on the basis of seized material. - Levy of penalty confirmed - AT
Levy of penalty u/s 271(1) (c) - undisclosed investment - Since the assessee could not explain the source of the purchase of the property and the payment towards interiors of villa the additions were made u/s. 69B confirmed - The addition so made was not voluntary but on being confronted during the assessment proceedings on the basis of seized material. - Levy of penalty confirmed - AT
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