https://www.taxtmi.com/caselaws?id=64911 The Tribunal reversed the Commissioner (Appeals)'s decision and upheld the Income Tax Officer's penalty of Rs. 1,25,000 under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the discrepancies in the stock particulars were genuine and not adequately explained by the assessee, indicating concealment of income rather than just low gross profit. The Tribunal emphasized that the penalty was justified based on the substantial discrepancies identified. en-us Thu, 30 Oct 1986 00:00:00 +0530 Fri, 11 Feb 2011 11:15:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64911 The Tribunal reversed the Commissioner (Appeals)'s decision and upheld the Income Tax Officer's penalty of Rs. 1,25,000 under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the discrepancies in the stock particulars were genuine and not adequately explained by the assessee, indicating concealment of income rather than just low gross profit. The Tribunal emphasized that the penalty was justified based on the substantial discrepancies identified. Case-Laws Income Tax Thu, 30 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64911