Points to be noted when matter refers to valuation officer Sec.50C(2) – Issues on penalty u/s 271(1)(c) department levy penalty on addition on the basis of estimation of income? is the relevance for the department to bring on record some evidence to show that the estimate made by the assessee was not bonafide in penalty proceedings? of claim of deduction amount to concealment of income and thereby levy of penalty?
Points to be noted when matter refers to valuation officer – Sec.50C(2) Issues on penalty u/s 271(1)(c) department levy penalty on addition on the basis of estimation of income? is the relevance for the department to bring on record some evidence to show that the estimate made by the assessee was not bonafide in penalty proceedings? of claim of deduction amount to concealment of income and thereby levy of penalty?