https://www.taxtmi.com/caselaws?id=67447 The Tribunal quashed the penalty of Rs. 1,30,000 imposed under sections 271(1)(c) and 273 for the assessment year 1970-71, ruling that the omission of copper stocks was a genuine mistake and not deliberate concealment. However, for the assessment year 1971-72, penalties totaling Rs. 1,50,000 were upheld as the Tribunal found the explanations provided for trading additions and excess stock to be insufficient, indicating concealment or furnishing inaccurate particulars. The penalty of Rs. 2,600 under section 273 for wrong filing of advance tax estimate was also confirmed for this year. en-us Mon, 05 Nov 1984 00:00:00 +0530 Thu, 10 Mar 2011 16:37:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67447 The Tribunal quashed the penalty of Rs. 1,30,000 imposed under sections 271(1)(c) and 273 for the assessment year 1970-71, ruling that the omission of copper stocks was a genuine mistake and not deliberate concealment. However, for the assessment year 1971-72, penalties totaling Rs. 1,50,000 were upheld as the Tribunal found the explanations provided for trading additions and excess stock to be insufficient, indicating concealment or furnishing inaccurate particulars. The penalty of Rs. 2,600 under section 273 for wrong filing of advance tax estimate was also confirmed for this year. Case-Laws Income Tax Mon, 05 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67447