https://www.taxtmi.com/caselaws?id=69679 The Appellate Tribunal overturned the penalty imposed by the Inspecting Assistant Commissioner, ruling that the discrepancies in the accounts did not amount to concealment of income or wilful negligence. The Tribunal found the explanations provided by the assessee reasonable and no evidence of fraud or deliberate misrepresentation. Consequently, the penalty under s. 271(1)(c) of the Act was cancelled. en-us Mon, 31 May 1976 00:00:00 +0530 Mon, 11 Apr 2011 15:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69679 The Appellate Tribunal overturned the penalty imposed by the Inspecting Assistant Commissioner, ruling that the discrepancies in the accounts did not amount to concealment of income or wilful negligence. The Tribunal found the explanations provided by the assessee reasonable and no evidence of fraud or deliberate misrepresentation. Consequently, the penalty under s. 271(1)(c) of the Act was cancelled. Case-Laws Income Tax Mon, 31 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69679