https://www.taxtmi.com/caselaws?id=62611 The Tribunal upheld the decision to cancel a penalty of Rs. 2,00,000 under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1991-92. The penalty was initially imposed due to a discrepancy in stock accounting, but it was later found that the mistake was a result of a clerical error by a new Accountant and not concealment of income. The Tribunal emphasized the bona fide nature of the mistake, proper vouching of transactions, and legal precedents indicating that agreeing to additions to income does not automatically imply concealment. The department's appeal was dismissed. en-us Mon, 02 Jul 2001 00:00:00 +0530 Thu, 20 Jan 2011 17:25:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62611 The Tribunal upheld the decision to cancel a penalty of Rs. 2,00,000 under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1991-92. The penalty was initially imposed due to a discrepancy in stock accounting, but it was later found that the mistake was a result of a clerical error by a new Accountant and not concealment of income. The Tribunal emphasized the bona fide nature of the mistake, proper vouching of transactions, and legal precedents indicating that agreeing to additions to income does not automatically imply concealment. The department's appeal was dismissed. Case-Laws Income Tax Mon, 02 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62611