There is a particular case under the above mentioned Subject. I need an urgent solutions. Kindly reply ASAP.
The Assessee is in a proceedings with the Income Tax Department. Whereby the Assessee is engaged in a Oil supply businees(Agency).The ITO has passed an Assessment order and has charged Penalty under the above mentioned section for Disclosing the profit at a rate very less than the Industrial average.
Kindly clarify whether the same can done so under the provisions of IT Act with refernce to case law if any.
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