Section 272 of ITA, 1961 : Section 272: [Omitted]
ITA, 1961
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Explanation using Example
Imagine a business owner named Rohit who has been running a manufacturing unit for several years. Due to market downturns, Rohit decides to shut down his business on 31st March 2023. However, Rohit is not aware that prior to the Direct Tax Laws (Amendment) Act, 1987, he would have been required to notify the Income Tax Department of th...
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