No Penalty Imposed: Assessee's Bona Fide Explanation for Unpaid Tax Liabilities Accepted u/s 271(1)(c).

Levy of penalty u/s 271(1)(c) - The assessee clearly had a bonafide explanation for not adding the unpaid tax liabilities to its income since it was contesting the very levy of the same before the concerned department. It may be a fit case of making addition of the unpaid liabilities to the income of the assessee. But as far as the levy of penalty is concerned the explanation for not adding back the unpaid liabilities to its income cannot be outrightly rejected as not being bonafide. - No penalty - AT .....

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