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If discrepancies are found during a tax audit, the consequences can include:
Additional tax liabilities: The taxpayer may be required to pay additional taxes due to underreporting of income or overstating expenses.
Interest and penalties: The taxpayer may be liable to pay interest on the additional tax due and penalties for non-compliance.
Revised tax return: The taxpayer may need to file a revised tax return to correct the discrepancies.
Legal action: In severe cases, it may lead to legal action by the Income Tax Department, including prosecution for tax evasion.