https://www.taxtmi.com/caselaws?id=62063 The appeal involved a challenge against a penalty imposed under s. 271(1)(c) for the assessment year 1966-67. The AAC enhanced the income based on unreliable accounts, resulting in a penalty of Rs. 1,00,000. The assessee conceded the penalty but sought a reduced quantum, arguing that the minimum penalty should be the concealed income amount. After detailed analysis of accounts and evidence, a penalty of Rs. 25,000 was imposed, focusing on direct evidence in jaggery and dates accounts. The appeal was partly allowed, emphasizing the thorough evaluation of evidence in determining the penalty amount. en-us Thu, 27 Nov 1975 00:00:00 +0530 Mon, 17 Jan 2011 18:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62063 The appeal involved a challenge against a penalty imposed under s. 271(1)(c) for the assessment year 1966-67. The AAC enhanced the income based on unreliable accounts, resulting in a penalty of Rs. 1,00,000. The assessee conceded the penalty but sought a reduced quantum, arguing that the minimum penalty should be the concealed income amount. After detailed analysis of accounts and evidence, a penalty of Rs. 25,000 was imposed, focusing on direct evidence in jaggery and dates accounts. The appeal was partly allowed, emphasizing the thorough evaluation of evidence in determining the penalty amount. Case-Laws Income Tax Thu, 27 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62063