https://www.taxtmi.com/caselaws?id=67489 The Appellate Tribunal ITAT Jaipur allowed the appeal, canceling the penalty under section 271(1)(c) imposed on the assessee for incomplete books of account and unexplained expenses. The Tribunal found that there was no intention to conceal income, considering the consistent losses suffered by the assessee over multiple assessment years. Relying on judicial opinions, including cases such as Sudha Pharmaceutical (P.) Ltd. and Mutual Plastics, the Tribunal held that penalty imposition for assessed losses was not justified, ultimately directing the cancellation of the penalty. en-us Tue, 24 Mar 1992 00:00:00 +0530 Thu, 10 Mar 2011 18:07:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67489 The Appellate Tribunal ITAT Jaipur allowed the appeal, canceling the penalty under section 271(1)(c) imposed on the assessee for incomplete books of account and unexplained expenses. The Tribunal found that there was no intention to conceal income, considering the consistent losses suffered by the assessee over multiple assessment years. Relying on judicial opinions, including cases such as Sudha Pharmaceutical (P.) Ltd. and Mutual Plastics, the Tribunal held that penalty imposition for assessed losses was not justified, ultimately directing the cancellation of the penalty. Case-Laws Income Tax Tue, 24 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67489