https://www.taxtmi.com/caselaws?id=69851 The Tribunal ruled in favor of the assessee, determining that there was no concealment of income or furnishing of inaccurate particulars regarding the sale of timber. It was found that the assessee had disclosed the timber sale in the return of income and could have reasonably believed the proceeds were not subject to capital gains tax. As a result, the penalty under Section 271(1)(c) was canceled, and the appeal filed by the assessee was allowed. en-us Thu, 06 Jun 1985 00:00:00 +0530 Tue, 12 Apr 2011 13:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69851 The Tribunal ruled in favor of the assessee, determining that there was no concealment of income or furnishing of inaccurate particulars regarding the sale of timber. It was found that the assessee had disclosed the timber sale in the return of income and could have reasonably believed the proceeds were not subject to capital gains tax. As a result, the penalty under Section 271(1)(c) was canceled, and the appeal filed by the assessee was allowed. Case-Laws Income Tax Thu, 06 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69851