The law, in our humble view, would hold even where the disallowance leading to the variation between the assessed and returned incomes is u\/s. 40(a)(ia), being independent of the provision where -under the same (disallowance) is effected. That is, the question of levy or otherwise of penalty would have to be necessarily examined w.r.t. the assessee\u2019s case for the claim of expenditure in view of non-obstante clause of s.40(a)(ia), as indeed would be the case for any other provision.<\/p>\n","protected":false},"excerpt":{"rendered":"
The law, in our humble view, would hold even where the disallowance leading to the variation between the assessed and returned incomes is u\/s. 40(a)(ia), being independent of the provision where -under the same (disallowance) is effected. That is, the …<\/p>\n