Penalty u/s 271(1)(c) - assessee has not declared interest income on loans and advances on ‘accrual...

Penalty u/s 271(1)(c) - assessee has not declared interest income on loans and advances on ‘accrual basis’, even though the assessee was following mercantile system of accounting - The explanations furnished by the assessee cannot be said to be false. - No penalty. .....

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