https://www.taxtmi.com/caselaws?id=63635 The Tribunal upheld the Appellate Assistant Commissioner's decision to cancel penalty proceedings under section 271(1)(c) for under valuation of closing stock and disallowed loss of cash. The Tribunal found no concealment of income or fraud, stating penalty proceedings cannot be initiated afresh without a change in assessed income. The assessee's actions did not amount to wilful neglect, as all relevant material was provided, leading to the dismissal of the Department's appeal. en-us Sat, 29 Aug 1981 00:00:00 +0530 Tue, 01 Feb 2011 11:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63635 The Tribunal upheld the Appellate Assistant Commissioner's decision to cancel penalty proceedings under section 271(1)(c) for under valuation of closing stock and disallowed loss of cash. The Tribunal found no concealment of income or fraud, stating penalty proceedings cannot be initiated afresh without a change in assessed income. The assessee's actions did not amount to wilful neglect, as all relevant material was provided, leading to the dismissal of the Department's appeal. Case-Laws Income Tax Sat, 29 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63635