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High Court Confirms Penalty u/s 271(1)(c) for Taxpayer's Failure to Explain to Assessing Officer and CIT(A) Rejection.
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....The penalty u/s 271(1)(c) was imposed because the assessee did not offer any explanation to the assessing officer in the first instance and then the penalty was sustained because his explanation furnished before the CIT (Appeals) was rejected. - Levy of penalty confirmed - HC....