NARANBHAI VIRABHAI AND CO. versus COMMISSIONER OF INCOME-TAX
The costs of hiding Germany, which are shown as expenditures, according to the ITO, were paid by themselves and were not allowed, resulting in an estimate of return income less than 80% of that income. After being diagnosed and accepted by the department that penalty cannot be imposed for many years, the Indian Income Tax Act, 1961, section 271 (1) (c) is applicable.
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