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NO PENALTY FOR BONAFIDE ERROR!

A reputed firm of Chartered Accountants making a silly mistake need not be penalized for concealment holds SC! Can a taxpayer be penalized for a bonafide or inadvertent error in declaring his income? Would it make any difference if such default was committed by a leading firm of Chartered Accountants? Dealing with this interesting issue, the Supreme Court has, in its very recent pronouncement in the case of ‘Price...

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