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Case laws (wavier of penalty)

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(Querist)
31 May 2012 Assessing officer have initiated a penalty under sec 271(1)(c) for non disclosure of bank account.
so please suggest me some case laws for waiver of penalty?
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Soumitra Basu

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Soumitra Basu (Expert)
01 June 2012 It is difficult to say that you can escape from penalty for non disclosure of bank account as well as turnover. You have to show sufficient reasonble cause for such non disclosure.
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