Penalty Not Justified If Assessee's Genuine Explanation Rejected by Assessing Officer: Section 271(1)(c) Income Tax Act.

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 .....

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