https://www.taxtmi.com/highlights?id=72116 Levy of penalty u/s. 271 (1)(c) - Allegation of engaged in business of providing accommodation entries - if the AO was of the opinion that the assessee is engaged in a clandestine business then he ought not to have allowed 75% of the expenses and instead should have disallowed the entire expenditure. The action of the AO shows that he was satisfied with the genuineness of 75% of the expense - No penalty - AT en-us Wed, 20 Sep 2023 13:34:59 +0530 Wed, 20 Sep 2023 14:55:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=72116 Levy of penalty u/s. 271 (1)(c) - Allegation of engaged in business of providing accommodation entries - if the AO was of the opinion that the assessee is engaged in a clandestine business then he ought not to have allowed 75% of the expenses and instead should have disallowed the entire expenditure. The action of the AO shows that he was satisfied with the genuineness of 75% of the expense - No penalty - AT Highlights Income Tax Wed, 20 Sep 2023 13:34:59 +0530 https://www.taxtmi.com/highlights?id=72116