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Court Rules No Penalty u/s 271(1)(c) of Income Tax Act Due to Deleted Benami Accounts and Audited Records.

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....Penalty u/s 271(1)(c) - In the given situation and particularly as the addition for benami accounts stands deleted and there is no dispute about the facts that the accounts were duly audited and pertain to a much earlier year, it is not a fit case for levy of penalty - HC....

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Court Rules No Penalty u/s 271(1)(c) of Income Tax Act Due to Deleted Benami Accounts and Audited Records.