22 December 2009
ASSESSEE WAS SUFFERING FROM HEART PROBLEMS.HE WAS NOT REGULARLY ATTENDING RETAIL BUSINESS.SUPERWISORS PAID THE MONEY TO SUPPLIERS AND ACCORDINGLY, SUPPLIERS UPDATED THEIR ACCOUNTS. INFORMATION WAS NOT GIVEN TO PARTTIME ACCOUNTANT ABOUT THIS AND HE COULD NOT UPDATE THE ACCOUNTS. THE ASSESSING OFFICER, FOUND HUGE DIFFERANCE AND TAXED FOR THE DIFFERANCE. IS THERE ANY CASE LAW ABOUT DROPPING OF PANALTY ON ABOVE FACTS SINCE A.O. IS NOT ACCEPTING THE REASONS GIVEN BY ASSESSEE. IT IS DROPABLE? PLEASE SUGGEST