Madras HC rules that the only criterion for initiation of prosecution under Section 276CC of the Income Tax Act is wilful failure to furnish returns
In a recent decision, the Madras High Court observed that the only criterion for initiation of prosecution under Section 276CC of the Income Tax Act, 1961 is wilful failure to furnish returns. During the Financial Year 2013-2014 ( Assessment Year 2014-2015 ), the respondent detected that the petitioner had earned income/made investment. Despite having earned…
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