TMI BlogPenalty u/s 271(1)(c) - No doubt, the Assessing Officer may not accept the explanation furnished by the...Penalty u/s 271(1)(c) - No doubt, the Assessing Officer may not accept the explanation furnished by the assessee with regard to source and nature of credit, but that by itself would not be a ground to reject explanation furnished by the assesse, when the assessee genuinely explains the credits found in books of account disclosing all necessary facts. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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