https://www.taxtmi.com/forum/issue?id=3106 The assessing officer raised adjustments for non-deduction of TDS on loans from non-bank finance companies and a substantial ad hoc addition for misapplication of cutoff to prepaid insurance expenses. The key penalty issue is section 271(1)(c); where there is no deliberate concealment or intention to evade tax, a defence based on bona fide belief or reasonable cause may be relied upon to contest penalty imposition, distinguishing technical accounting or withholding errors from culpable concealment. en-us Sun, 26 Jun 2011 18:20:01 +0530 Thu, 23 Jan 2025 15:58:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=3106 The assessing officer raised adjustments for non-deduction of TDS on loans from non-bank finance companies and a substantial ad hoc addition for misapplication of cutoff to prepaid insurance expenses. The key penalty issue is section 271(1)(c); where there is no deliberate concealment or intention to evade tax, a defence based on bona fide belief or reasonable cause may be relied upon to contest penalty imposition, distinguishing technical accounting or withholding errors from culpable concealment. Discussion-Forum Income Tax Sun, 26 Jun 2011 18:20:01 +0530 https://www.taxtmi.com/forum/issue?id=3106