Penalty U/S 271 (1)(c)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 May 2011
The assessee was not able to reconcile/confirm certain creditors balances. The AO has made addition of the same to the declared income and concluded the assessment. The AO has also initiated penalty U/S 271(1)(c). There was no other addition other than creditors.
Is the AO justified.
Kindly clarify
P. Srinivasa
Is the AO justified.
Kindly clarify
P. Srinivasa
21 May 2011
If the assessee have a law full reason to do this which is beyond of his control and if he can show the reason to the assessing officer and if assessing officer is satisfied than he will not be liable to penalty.
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