Penalty Imposed for Concealment of Business Affairs Under Income Tax Act Section 271(1)(c); Gross Profit Rate Set at 6.33.

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....Penalty u/s 271(1)(c) - the entire affairs of the business have been kept concealed from the department and only after receipt of information in connection with BCTT and conducting of survey u/s 133A the affairs of the business have come to fore and the revenue has determined the gross profit @ 6.33% on the turnover - penalty leviable....