https://www.taxtmi.com/caselaws?id=66303 Penalty for concealment could not be sustained where the quantum addition survived only on an estimated basis and the record did not prove suppression of sales. The Tribunal found that the gross profit returned by the assessee was accepted in substance, the remaining difference was small, and the statement relied on by the revenue did not amount to an admission of concealment. On the facts of a retail business with multiple items and year-end stock verification, an omission by oversight could not be excluded, so penalty under section 271(1)(C) was cancelled. en-us Sat, 27 Jun 1981 00:00:00 +0530 Wed, 23 Feb 2011 13:58:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66303 Penalty for concealment could not be sustained where the quantum addition survived only on an estimated basis and the record did not prove suppression of sales. The Tribunal found that the gross profit returned by the assessee was accepted in substance, the remaining difference was small, and the statement relied on by the revenue did not amount to an admission of concealment. On the facts of a retail business with multiple items and year-end stock verification, an omission by oversight could not be excluded, so penalty under section 271(1)(C) was cancelled. Case-Laws Income Tax Sat, 27 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66303