Non-furnishing of any explanation itself will lead to Penal Consequences

Brief of the Case

In the case of Radha Nutirents Ltd. Vs. ITO the Hon’ble ITAT held that the assesse has failed to provide the loan confirmation of the loan received from Shri Kathirase Kumar and was also unable to provide an explanation as to why such confirmation could not be filed. The submission of the assessee that the AO has not recorded satisfaction does not stand under the light of Section 271 sub-section 1B and also because the AO has clearly mentioned that the penalty has been initiated with

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