Penalty Imposed u/s 271(1)(b) for Non-Compliance with Section 142(1) Notice During Tax Investigation Over Seven Years.

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....Penalty u/s 271(1)(b) - refusal to answer the notice u/s 142(1) - compliance to tax investigation - if the assessee really had no connection with such accounts, no prejudice could really have ensued to him if he would have complied with the notices - Levy of penalty confirmed for all the seven years.....