https://www.taxtmi.com/caselaws?id=67153 The Tribunal canceled the penalty imposed under section 271(1)(c) of the IT Act for alleged concealment of income for the assessment year 1983-84. The Tribunal found the assessee's explanation for the low yield of Dal to be reasonable, supported by proper maintenance of books of account with quantitative details. It was determined that the addition on account of low yield did not establish concealment of income, leading to the cancellation of the penalty. The decision was based on the lack of evidence of fraud or wilful neglect and was supported by relevant legal precedents. en-us Wed, 28 Jun 1995 00:00:00 +0530 Wed, 09 Mar 2011 12:52:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67153 The Tribunal canceled the penalty imposed under section 271(1)(c) of the IT Act for alleged concealment of income for the assessment year 1983-84. The Tribunal found the assessee's explanation for the low yield of Dal to be reasonable, supported by proper maintenance of books of account with quantitative details. It was determined that the addition on account of low yield did not establish concealment of income, leading to the cancellation of the penalty. The decision was based on the lack of evidence of fraud or wilful neglect and was supported by relevant legal precedents. Case-Laws Income Tax Wed, 28 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67153