No Penalty under Income Tax for Bogus purchases if returned income and Assessed Income are same : High Court
CASE LAW: – INCOME TAX ACT, 1961 Armoury International Vs.Asst. CIT 21(3) When the return of income and the assessed income are same, the machinery provision for levy of penalty u/s. 271(1)(c) fails, as the penalty u/s. 271(1)(c) is levied with reference to the tax sought to be evaded, which is the difference between the… Read More »