Penalty for failure to get account audited not justified if assessee acted bona fide

Off- Shore India Ltd. Vs. DCIT (ITAT Kolkata)

It is observed that even though the net profit / loss arising from the purchase and sale of securities was disclosed by the assessee in the profit and loss account, the value of such securities held by the assessee was fully and truly disclosed by the assessee under the head investment in the relevant balance sheet. It, therefore, cannot be said that this method of disclosure was deliberately followed by the assessee in order to avoid the compliance of

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