Taxpayer Faces Penalty for Non-Disclosure of Interest Income u/s 271(1)(c) of Income Tax Act.

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....Penalty u/s 271 (1)(c) - When interest income itself is not disclosed, there is no question of holding that all the facts relating to the interest income and material to the computation of income was disclosed by the assessee. Thus, the assessee in the present case has failed to discharge obligations laid upon him by Explanation 1 to section 271(1)(c).... - AT....