https://www.taxtmi.com/caselaws?id=67299 The Appellate Tribunal ITAT Jabalpur canceled the penalty imposed on a wholesale cloth dealer for an addition in trading results due to the absence of day-to-day stock-tally. The Tribunal held that the failure to maintain such records did not amount to wilful neglect, as the dealer faced practical challenges in doing so. Despite an agreement for the addition in trading results, it was deemed not to constitute concealment of income, leading to the rejection of the penalty based on the assessee proving the absence of fraud or wilful neglect. The Tribunal emphasized that the burden of proof was successfully discharged, resulting in the cancellation of the penalty. en-us Mon, 31 Jul 1978 00:00:00 +0530 Thu, 10 Mar 2011 09:58:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67299 The Appellate Tribunal ITAT Jabalpur canceled the penalty imposed on a wholesale cloth dealer for an addition in trading results due to the absence of day-to-day stock-tally. The Tribunal held that the failure to maintain such records did not amount to wilful neglect, as the dealer faced practical challenges in doing so. Despite an agreement for the addition in trading results, it was deemed not to constitute concealment of income, leading to the rejection of the penalty based on the assessee proving the absence of fraud or wilful neglect. The Tribunal emphasized that the burden of proof was successfully discharged, resulting in the cancellation of the penalty. Case-Laws Income Tax Mon, 31 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67299