892 results for “penalty u/s 271”+ Addition to Incomeclear
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additional income on account of arithmetical inaccuracies which does not call for initiation of penalty proceedings. 25. So far as the amount of Rs.50 lakhs offered as buffer income is concerned, he submitted that the same was offered only to overcome any probable discrepancies or mismatch and therefore, the same does not call for penalty u/s 271