TMI BlogPenalty u/s. 271(1)(c) - unexplained loan creditors - as explained by the assessee that said difference...Penalty u/s. 271(1)(c) - unexplained loan creditors - as explained by the assessee that said difference is due to reconciliation of year end entries between assessee and his creditors. In our opinion, this cannot be considered as neither concealment nor filing of inaccurate particulars of income. Levying of penalty on this count is not justified therefore, the same is deleted. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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