https://www.taxtmi.com/caselaws?id=66725 The Tribunal overturned the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act, finding that the revenue did not sufficiently prove that the omitted sum of Rs. 9,849 constituted concealed income. The Tribunal accepted the assessee's explanation that the omission was due to lack of accounts and rough estimation. Emphasizing the lack of concrete evidence of concealment, the Tribunal ruled in favor of the assessee, canceling the penalty. en-us Tue, 31 May 1977 00:00:00 +0530 Sat, 05 Mar 2011 18:40:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66725 The Tribunal overturned the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act, finding that the revenue did not sufficiently prove that the omitted sum of Rs. 9,849 constituted concealed income. The Tribunal accepted the assessee's explanation that the omission was due to lack of accounts and rough estimation. Emphasizing the lack of concrete evidence of concealment, the Tribunal ruled in favor of the assessee, canceling the penalty. Case-Laws Income Tax Tue, 31 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66725