https://www.taxtmi.com/highlights?id=52603 Penalty levied u/s.271(1)(c) - concealment of income - the conclusion of the AO that amount was not finding mention in the regular books of accounts is over-sweeping over statement, because the fact remains that the books of accounts were not “closed”, then as the year was yet not over - The year in the case of the assessee being the first year of operation, it cannot even be implied that that the amount pertained to earlier year(s) of its business. - No penalty. en-us Sat, 28 Mar 2020 11:34:08 +0530 Sat, 28 Mar 2020 11:34:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=52603 Penalty levied u/s.271(1)(c) - concealment of income - the conclusion of the AO that amount was not finding mention in the regular books of accounts is over-sweeping over statement, because the fact remains that the books of accounts were not “closed”, then as the year was yet not over - The year in the case of the assessee being the first year of operation, it cannot even be implied that that the amount pertained to earlier year(s) of its business. - No penalty. Highlights Income Tax Sat, 28 Mar 2020 11:34:08 +0530 https://www.taxtmi.com/highlights?id=52603