Inaccurate particulars of Income must be Coupled with Circumstantial Evidence: ITAT sets aside penalty u/s 271(1)(c) [Read Order]

income - circumstantial evidence - ITAT - penalty - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) consisting of Shri Waseem Ahmed, accountant member and Ms Madhumita Roy, Judicial member has held thatinaccurate particulars of income must be coupled with circumstantial evidence and set aside the penalty u/s 271(1)(c). The assessee engaged in the activity of consultancy services and filed a return of…

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