Explore the Kerala High Court judgment in CIT vs. Shri. C. Najeeb regarding penalty on income determined under Section 158BC of the Income Tax Act. Discover key questions of law, such as whether the Tribunal’s decision to levy income tax on 15% of total receipts is correct. Dive into the intricacies of assessment and penalty proceedings, including insights on undisclosed income, civil liability, and the interpretation of Section 158BFA. Uncover the court’s findings, providing clarity on the computation of undisclosed income and the imposition of penalties in this significant tax case.
Notification No.G.S.R. 682(E) – Income Tax he Notification printed at [2001] 251 ITR (St.) 97 was published in the Gazette of India, Extry. No. 475, dt. 21.9.2001, Pt. II, sec. 3(i), p. 30.
