https://www.taxtmi.com/caselaws?id=65188 The Tribunal ruled in favor of the appellant in the appeal against the penalty under section 271(1)(c) of the IT Act, 1961. The discrepancies in the stock account were found to be adequately explained, with all purchases reflected in the stock tally. Similarly, the cash credits were deemed legitimate for business purposes, supported by entries in the cash book. The Tribunal concluded that the additions did not indicate undisclosed or concealed income, leading to the deletion of the penalty and allowing the appeal. en-us Wed, 20 Jan 1993 00:00:00 +0530 Mon, 14 Feb 2011 11:20:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65188 The Tribunal ruled in favor of the appellant in the appeal against the penalty under section 271(1)(c) of the IT Act, 1961. The discrepancies in the stock account were found to be adequately explained, with all purchases reflected in the stock tally. Similarly, the cash credits were deemed legitimate for business purposes, supported by entries in the cash book. The Tribunal concluded that the additions did not indicate undisclosed or concealed income, leading to the deletion of the penalty and allowing the appeal. Case-Laws Income Tax Wed, 20 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65188