[aaykarbhavan] S. 271(1)(c): No penalty in case of assessment on estimate basis & for change in head of income

In a case of estimation of income after rejection of books, no penalty could be imposed under s. 271(c); penalty was not attracted in case interest income claimed by assessee as business income was assessed by AO under the head "Other Sources".

Naresh Chand Agarwal vs. CIT (2014) 265 CTR (All) 306

 

Regards

Prarthana Jalan

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