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No addition merely on basis of statement recorded during survey if assessee retracted from said statement later on

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  • No addition merely on basis of statement recorded during survey if assessee retracted from said statement later on
Posted onon November 26, 2014

Tenet Tax Daily November 24 2014

By tenettax-team
Corporate Tax

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No penalty if value of excess stock found during survey had been surrendered by assessee and accepted by revenue
Mere grant of sec. 12A registration won’t be sufficient to allow registration under sec. 80G as well

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