https://www.taxtmi.com/caselaws?id=66735 The Appellate Tribunal canceled the penalty for the assessment year 1972-73, ruling that there was no concealment or negligence on the part of the assessee. However, for the assessment year 1973-74, the Tribunal found significant omissions in the receipts, indicating gross negligence by the assessee. The penalty under section 271(1)(c) was deemed applicable but limited to the specific omitted items identified, reducing the penalty amount. The Tribunal emphasized the need to differentiate between inadvertent errors and gross negligence in imposing penalties under the mentioned section. en-us Wed, 29 Jun 1977 00:00:00 +0530 Sat, 05 Mar 2011 18:59:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66735 The Appellate Tribunal canceled the penalty for the assessment year 1972-73, ruling that there was no concealment or negligence on the part of the assessee. However, for the assessment year 1973-74, the Tribunal found significant omissions in the receipts, indicating gross negligence by the assessee. The penalty under section 271(1)(c) was deemed applicable but limited to the specific omitted items identified, reducing the penalty amount. The Tribunal emphasized the need to differentiate between inadvertent errors and gross negligence in imposing penalties under the mentioned section. Case-Laws Income Tax Wed, 29 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66735