https://www.taxtmi.com/caselaws?id=67727 The Appellate Tribunal ITAT Jaipur ruled in favor of the firm assessee, canceling the penalty imposed under section 271(1)(c) for the assessment year 1974-75. The Tribunal found no evidence of intentional concealment of income, considering discrepancies in the assessment regarding cash balance, capital gains, ground rent, and income tax payment. The Tribunal concluded that there was no fraud, gross neglect, or wilful concealment by the assessee, leading to the cancellation of the penalty. en-us Wed, 16 Apr 1980 00:00:00 +0530 Mon, 14 Mar 2011 12:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67727 The Appellate Tribunal ITAT Jaipur ruled in favor of the firm assessee, canceling the penalty imposed under section 271(1)(c) for the assessment year 1974-75. The Tribunal found no evidence of intentional concealment of income, considering discrepancies in the assessment regarding cash balance, capital gains, ground rent, and income tax payment. The Tribunal concluded that there was no fraud, gross neglect, or wilful concealment by the assessee, leading to the cancellation of the penalty. Case-Laws Income Tax Wed, 16 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67727