https://www.taxtmi.com/caselaws?id=62402 The Appellate Tribunal ITAT CUTTACK ruled in favor of the assessee in an appeal against a penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee had provided a satisfactory explanation for the restaurant section but fell short in the lodging section due to non-production of the lodging register. Despite the discrepancy between returned and assessed income, the Tribunal determined that the failure to produce the register did not conclusively prove fraudulent intent or negligence. Citing relevant case law, the Tribunal canceled the penalty, emphasizing the burden of proof on the assessee under the Act. en-us Thu, 12 Jun 1975 00:00:00 +0530 Wed, 19 Jan 2011 17:14:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62402 The Appellate Tribunal ITAT CUTTACK ruled in favor of the assessee in an appeal against a penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee had provided a satisfactory explanation for the restaurant section but fell short in the lodging section due to non-production of the lodging register. Despite the discrepancy between returned and assessed income, the Tribunal determined that the failure to produce the register did not conclusively prove fraudulent intent or negligence. Citing relevant case law, the Tribunal canceled the penalty, emphasizing the burden of proof on the assessee under the Act. Case-Laws Income Tax Thu, 12 Jun 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62402