https://www.taxtmi.com/caselaws?id=67513 The Tribunal ruled in favor of the assessee, canceling the penalty of Rs. 1,23,062 imposed under section 271(1)(c) of the IT Act, 1961. It held that discrepancies in the empty bottles account did not constitute concealment of income, emphasizing the need for a different standard of proof in penalty proceedings. The Tribunal highlighted that honest or bona fide non-disclosure does not warrant penalties, ultimately allowing the assessee's appeal. en-us Mon, 19 Dec 1994 00:00:00 +0530 Fri, 11 Mar 2011 10:31:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67513 The Tribunal ruled in favor of the assessee, canceling the penalty of Rs. 1,23,062 imposed under section 271(1)(c) of the IT Act, 1961. It held that discrepancies in the empty bottles account did not constitute concealment of income, emphasizing the need for a different standard of proof in penalty proceedings. The Tribunal highlighted that honest or bona fide non-disclosure does not warrant penalties, ultimately allowing the assessee's appeal. Case-Laws Income Tax Mon, 19 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67513