Penalty u/s 271(1)(c) - disallowance of interest expenditure - The findings of the AO may be sufficient...

Penalty u/s 271(1)(c) - disallowance of interest expenditure - The findings of the AO may be sufficient to make disallowance in quantum on the theory of preponderance of probabilities but it is not sufficient to fasten and saddle the assessee with penalty provisions as are enshrined u/s. 271(1)(c) .....

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