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Court Upholds Penalty u/s 271(1)(c) Due to Lack of Explanation for Voluntarily Surrendered Income Source.

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....Penalty u/s 271(1)(c) - voluntary surrender of income by assessee - The mere offer therefore, of the amount during the search in the absence of any explanation for the source of income, renders the assessee’s argument insubstantial in the totality of circumstances. - HC....

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Court Upholds Penalty u/s 271(1)(c) Due to Lack of Explanation for Voluntarily Surrendered Income Source.