https://www.taxtmi.com/highlights?id=56243 Penalty u/s 271(1)(c) - Addition u/s 68 - Head changed from income under “PGBP” (as shown by the assessee) to addition U/s 68 - That there was some tax sought to be evaded by assessee, is a necessary condition for imposition of penalty U/s 271(1)(c) - The allegation of the Ld. CIT(A) that the assessee had the bogus income or bogus credit, is pointless, because the corresponding amount was already included in the returned income of the assessee. - AT en-us Fri, 08 Jan 2021 10:20:15 +0530 Fri, 08 Jan 2021 10:20:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56243 Penalty u/s 271(1)(c) - Addition u/s 68 - Head changed from income under “PGBP” (as shown by the assessee) to addition U/s 68 - That there was some tax sought to be evaded by assessee, is a necessary condition for imposition of penalty U/s 271(1)(c) - The allegation of the Ld. CIT(A) that the assessee had the bogus income or bogus credit, is pointless, because the corresponding amount was already included in the returned income of the assessee. - AT Highlights Income Tax Fri, 08 Jan 2021 10:20:15 +0530 https://www.taxtmi.com/highlights?id=56243