https://www.taxtmi.com/highlights?id=2595 Penalty u/s 271(1)(c) - Though he is an individual and he is not expected to maintain accounts showing the current assets and liabilities, income etc., his explanation that he was innocent and he was not aware of the legal requirement cannot be accepted.... - HC en-us Thu, 05 Jan 2012 11:19:46 +0530 Thu, 05 Jan 2012 11:19:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=2595 Penalty u/s 271(1)(c) - Though he is an individual and he is not expected to maintain accounts showing the current assets and liabilities, income etc., his explanation that he was innocent and he was not aware of the legal requirement cannot be accepted.... - HC Highlights Income Tax Thu, 05 Jan 2012 11:19:46 +0530 https://www.taxtmi.com/highlights?id=2595