https://www.taxtmi.com/caselaws?id=64106 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the penalty of Rs. 28,000 imposed under section 271(1)(c) for the suppression of sales of imported goods. The Tribunal found that while the addition of Rs. 25,000 was justified, the penalty based solely on this material could not be upheld. It emphasized that the Revenue failed to establish that the alleged suppressed sales led to income concealment, and thus, the penalty was deemed unwarranted and deleted. en-us Sat, 18 Sep 1976 00:00:00 +0530 Thu, 03 Feb 2011 18:22:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64106 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the penalty of Rs. 28,000 imposed under section 271(1)(c) for the suppression of sales of imported goods. The Tribunal found that while the addition of Rs. 25,000 was justified, the penalty based solely on this material could not be upheld. It emphasized that the Revenue failed to establish that the alleged suppressed sales led to income concealment, and thus, the penalty was deemed unwarranted and deleted. Case-Laws Income Tax Sat, 18 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64106