Concealment of income

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Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2015 Whether penalty u/s 271 (1)(c) can be levied if the assessed income is loss even after addition of concealed income.

Bhaskaran Chackrapani Warrier (Expert)
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03 March 2015 Yes. Supreme court decision in CIT Vs.Gold Coin Health Food Pvt Ltd reported in 304 ITR 308 may be referred.

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