Supreme Court Rules No Penalty for Assessee u/s 271(1)(c) for Cash Payments u/s 40A(3.

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....Penalty u/s 271(1)(c) - cash payment u/s 40A(3) - The offer made by the assessee was on the basis that it could not give the details of the parties, and in order to buy peace, the AO was requested to tax the gross receipts on net profits basis. - no penalty - SC....