https://www.taxtmi.com/caselaws?id=61954 Penalty for concealment cannot be sustained where an omission in the accounts is shown to be an inadvertent accounting mistake and the surrounding circumstances do not establish conscious suppression of income. The ITAT Cochin found that the sales register and other books were produced before the Assessing Officer, the quantitative particulars in the original and revised returns substantially tallied, and the assessee had not deliberately withheld material facts. It further noted that a later explanation about trade discounts and voluntary disclosure did not show a guilty mind in the original return. On these facts, gross negligence was also not proved, so penalty under section 271(1)(c) was cancelled. en-us Thu, 30 Jul 1981 00:00:00 +0530 Mon, 17 Jan 2011 12:37:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61954 Penalty for concealment cannot be sustained where an omission in the accounts is shown to be an inadvertent accounting mistake and the surrounding circumstances do not establish conscious suppression of income. The ITAT Cochin found that the sales register and other books were produced before the Assessing Officer, the quantitative particulars in the original and revised returns substantially tallied, and the assessee had not deliberately withheld material facts. It further noted that a later explanation about trade discounts and voluntary disclosure did not show a guilty mind in the original return. On these facts, gross negligence was also not proved, so penalty under section 271(1)(c) was cancelled. Case-Laws Income Tax Thu, 30 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61954