3 results for “penalty u/s 271”+ Section 35(1)(ii)clear
Sorted by relevance
In the result, the appeals of the assessee for the Assessment Years
Bench: Shri.Vijay Pal Rao & Shri Ramit Kochar
Penalty proceedings u/s 271(1)(c) of the Income Tax Act, 1961, is being initiated separately for concealment of income.” 9. Thus, it is clear that the AO has stated the fact that the assessee advanced the interest free loan to the sister concerns which was disbursed from PNB term loan account. This fact has not been disputed