High Court Rules: No Penalty u/s 271(1)(c) for Assessee's Failure to Prove Shareholders' Investment Capacity.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 69 and penalty u/s 271(1)(c) - Failure of the assessee in proving the capacity of the various shareholders to invest in the share capital, could not have been a ground for initiating penalty proceedings - HC....