Penalty u/s 271(1)(c) Unwarranted for Undisclosed Income; No Benefit Gained by Taxpayer from Paid Tax.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Penalty levied u/s.271(1)(c) - The tax paid on such undisclosed income has gone waste as no benefit out of such income has been availed by the assessee. - this is not a fit case for levy of penalty u/s.271(1)(c) - AT....