Additional Income of Assessee cannot be treated as Concealed Income under Income Tax Act: Kerala HC [Read Order]
It was held that the honesty of an assessee cannot attract the penal provisions under the Income Tax Act, and the essential pre-conditions for the invocation of the provisions of Section 271(1)(c) of the Income Tax Act against the assessee were not established
The Kerala High Court has held that additional income of assessee cannot be treated as concealed income for the purposes of Section 271(1)(c) of the Income Tax Act, 1961. It was held that the honesty of an assessee cannot attract the penal provisions under the Income Tax Act, and the essential pre-conditions for the invocation…
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