605 results for “penalty u/s 271”+ Section 37(1)clear
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The appeals of the Revenue are dismissed and both the Rule 27 application of the assessee are allowed for A
Bench: Shri Mahavir Singh & Shri Brajesh Kumar Singh
37 and 38 of the assessment order). On account of these disallowances, the A.O. initiated penalty proceedings for furnishing inaccurate particulars of income under section 271(1)(c) of the Act, and noted in para no. 36, 38 and 39 of his order as under: “ 36. As assessee has furnished inaccurate particulars of its income to the extent