Section 271(1)(c) Penalty not leviable if explanation with documentary evidence not found to be false

Robbs Traders & Finance Pvt. Ltd. Vs Assessing Officer (ITAT Kolkata) ITAT Kolkata held that as assessee has provided the explanation with documentary evidence and such documents have not been held as false either by AO during assessment proceedings or during penalty proceedings. Hence, penalty u/s. 271(1)(c) not leviable. Facts- The assessee-company has filed its return of income electronically on declaring total income of Rs.1,06,120/-. AO thereafter received information from DDIT (Investigation) exhibiting the fact that certain entry providers and hawala operators involved in providing ...