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PENALTY NOT AUTOMATIC!

  Latest HC decision holds that mere agreement for addition cannot constitute concealment of income leading to penalty!       A number of real life situations arise, where a taxpayer, either during the course of his scrutiny assessment proceedings or during an income-tax survey at his business premises, accepts an addition or disallowance as proposed by the Assessing Officer or even offers the survey team to pay...

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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