https://www.taxtmi.com/caselaws?id=67614 The Third Member of the court concurred with the Accountant Member's dissenting opinion, ruling in favor of the assessee. The penalty imposed under section 271(1)(c) of the Income Tax Act was canceled as the court found that the assessee had provided detailed explanations for the loss claimed, and there was no evidence of fraudulent claims or specific defects in the books of account. The court concluded that the assessee had acted in good faith and had provided all necessary details, leading to the allowance of the appeal. en-us Thu, 16 Jan 2003 00:00:00 +0530 Fri, 11 Mar 2011 18:14:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67614 The Third Member of the court concurred with the Accountant Member's dissenting opinion, ruling in favor of the assessee. The penalty imposed under section 271(1)(c) of the Income Tax Act was canceled as the court found that the assessee had provided detailed explanations for the loss claimed, and there was no evidence of fraudulent claims or specific defects in the books of account. The court concluded that the assessee had acted in good faith and had provided all necessary details, leading to the allowance of the appeal. Case-Laws Income Tax Thu, 16 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67614