Section 271(1)(c) Penalty Reduced: 300% Penalty Overturned, Minimum 100% Penalty Imposed for Tax Evasion Attempt.

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....Penalty levied u/s 271(1)(c) - this is not a fit case for levy of 300% penalty. Therefore, we direct the assessing officer to levy minimum penalty i.e. 100% of the income sought to be evaded and compute the penalty accordingly. - AT....