Assessee Penalized for Not Disclosing Car Value, Ignoring Section 17 Notice; Relied on Old Wealth Returns.

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....Levy Penalty - even in response to notices issued by the AO for the second time u/s 17, the assessee did not disclose the value of motor cars by filing fresh returns of income and instead filed a letter stating that returns of wealth already filed by it may be treated as returns filed in response to the said notices - penalty confirmed - AT....