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Penalty for Income Concealment Not Based Solely on Section 50C(2); It's a Deeming Provision, Not Automatic.
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....Penalty u/s 271(1)(c) – Concealment of income - Section 50C(2) is only a deeming provision which cannot be taken as to be an understatement for the purpose of imposing penalty. - AT....
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TaxTMI