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No Penalty Imposed: Authorities Accept Assessee's Explanation of Funds as Small Savings u/s 271(1)(c) of IT Act.

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....Penalty u/s 271(1)(c) - According to the assessee she was not having income exhibiting taxable limit in the past, but she has made small savings. When she filed the return for this year, she computed it as an opening capital balance - the explanation of assessee does not appear to be false - No penalty - AT....

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No Penalty Imposed: Authorities Accept Assessee's Explanation of Funds as Small Savings u/s 271(1)(c) of IT Act.