Penalty not levaiable on Management Bonus not offered to tax as books of company not finalised

In this case the bonus was determined after finalisation of accounts in the month of September 2009. The same related to income for the period ended 31st March 2009. The company which is the employer of the assessee did not deduct TDS of the said income till filing of income tax return by the assessee. In this factual scenario assessees belief that the management bonus did not accrue for the period ending 31st of March 2009 cannot be said to be lacking bonafide.  In such situation assessee cannot be held guilty of furnishing inaccurate particulars of income or concealment of income. Further ...