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No Penalty u/s 271(1)(c) for Ad Hoc Disallowance of Bogus Purchases from Hawala Dealers.

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Full Text of the Document

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....Levy of penalty u/s 271(l)(c) - bogus purchase made from hawala dealers - mere disallowance of purchases on adhoc basis does not tantamount to willful furnishing inaccurate particulars of income within the meaning of section 271(1)(c) of the Income-tax Act, 1961. - No penalty....

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