https://www.taxtmi.com/caselaws?id=67503 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) in an appeal by the Revenue. The dispute revolved around the assessee's ability to substantiate low trading results and the application of Explanation 1(B) of the section. The Tribunal found the assessee's explanation for the profit decrease plausible and bonafide, leading to the restoration of only a partial addition. Consequently, the Tribunal dismissed the Revenue's appeal, emphasizing the validity of the assessee's explanation and justifying the cancellation of the penalty. en-us Wed, 31 Mar 1993 00:00:00 +0530 Thu, 10 Mar 2011 18:55:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67503 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) in an appeal by the Revenue. The dispute revolved around the assessee's ability to substantiate low trading results and the application of Explanation 1(B) of the section. The Tribunal found the assessee's explanation for the profit decrease plausible and bonafide, leading to the restoration of only a partial addition. Consequently, the Tribunal dismissed the Revenue's appeal, emphasizing the validity of the assessee's explanation and justifying the cancellation of the penalty. Case-Laws Income Tax Wed, 31 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67503