https://www.taxtmi.com/highlights?id=57328 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 en-us Thu, 25 Mar 2021 20:12:57 +0530 Thu, 25 Mar 2021 20:12:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=57328 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 Highlights Income Tax Thu, 25 Mar 2021 20:12:57 +0530 https://www.taxtmi.com/highlights?id=57328