Principal Commissioner of Income Tax vs. M/s Nara Constructions,

Bench: CHALLA KODANDA RAM,C.V.NAGARJUNA REDDY

penalty under Section 271(1)(c) of the Act. However, Explanation 1 to Section 271(1)(c) states that where in respect of any facts material to computation of total income of an assessee, the assessee offers no explanation or where an assessee offers an explanation, which he is ITA No. 625/2017+connected Page 3 of 16 not able

Commissioner of Income Tax-2, vs. Agricultural Market Committee,

The appeal of the assessee is allowed

Bench: V.V.S.RAO,SANJAY KUMAR

disallowed on pro-rata basis. Thus addition to the tune of Rs.13,61,450/- is being made to the taxable income of the assessee. Penalty proceeding u/s 271