Section 271 of ITA, 1961 : Section 271: Failure To Furnish Returns, Comply With Notices, Concealment Of Income, Etc
ITA, 1961
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Explanation using Example
Imagine a business owner, Mr. Sharma, who has been issued a notice by the Income Tax Department requiring him to provide certain documents and financial statements for the financial year 2020-2021. Despite receiving the notice, Mr. Sharma fails to comply with the request and does not submit the required documents within the stipulated time.
Upon further investigation, the Assessing Officer discovers discrepancies in the income reported by Mr. Sharma's business and suspects that he has concealed part of his income to evade t...
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