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Penalty U/S 271 (1)(c)

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 May 2011 The assessee was not able to reconcile/confirm certain creditors balances. The AO has made addition of the same to the declared income and concluded the assessment. The AO has also initiated penalty U/S 271(1)(c). There was no other addition other than creditors.

Is the AO justified.

Kindly clarify

P. Srinivasa
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CS Bijoy

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CS Bijoy (Expert)
21 May 2011 If the assessee have a law full reason to do this which is beyond of his control and if he can show the reason to the assessing officer and if assessing officer is satisfied than he will not be liable to penalty.
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