https://www.taxtmi.com/caselaws?id=61850 The Tribunal upheld the decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. It found that the addition of Rs. 10 lakhs was based on an estimate rather than concrete evidence of unaccounted stock. The Tribunal accepted the explanation regarding damaged and defective stock, concluding there was no suppression of stock or concealment of income. The revenue's appeal was dismissed. en-us Tue, 04 May 1993 00:00:00 +0530 Sat, 15 Jan 2011 16:23:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61850 The Tribunal upheld the decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. It found that the addition of Rs. 10 lakhs was based on an estimate rather than concrete evidence of unaccounted stock. The Tribunal accepted the explanation regarding damaged and defective stock, concluding there was no suppression of stock or concealment of income. The revenue's appeal was dismissed. Case-Laws Income Tax Tue, 04 May 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61850