Assessee Penalized for Not Reporting Interest from Converted Loan in Previous Years; Failed to Inform Assessing Officer.

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....Though assessee furnished the director’s report, the actual write off, filing of balance sheets, memorandum and articles of association, letter to DISL etc. however, the assessee did not bring to the notice of the A.O. that no interest from the converted loan had been offered and assessed to income tax in any of the earlier previous years. - Penalty confirmed.... - HC....