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Penalty u/s 271(1)(c) of the income tax act 1961
Penalty u/s 271(1)(c) of the Income Tax Act 1961:
Whether leviable u/s 56(2)(viib) read with Rule 11UA on account of excess Share premium received. Share premium duly disclosed in audited balance sheet.
Replies (4)
If share premium is duly
Reflected in balance sheet and is disclosed in front of the AO then no penalty
no penalty if properly disclosed.
could you please suggest any reference in this regard
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