https://www.taxtmi.com/caselaws?id=70257 The Tribunal upheld the Appellate Assistant Commissioner's decision to cancel the penalty imposed on the assessee-firm under section 271(1)(c) of the IT Act for concealing income. The Tribunal found the firm's explanation, supported by an affidavit from the accountant, reasonable and emphasized the need for a reasonable cause for concealment. It dismissed the Department's appeal, affirming the cancellation of the penalty due to lack of intent to defraud and the firm's credible explanation for the understated sales. en-us Thu, 25 Jul 1985 00:00:00 +0530 Fri, 15 Apr 2011 10:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70257 The Tribunal upheld the Appellate Assistant Commissioner's decision to cancel the penalty imposed on the assessee-firm under section 271(1)(c) of the IT Act for concealing income. The Tribunal found the firm's explanation, supported by an affidavit from the accountant, reasonable and emphasized the need for a reasonable cause for concealment. It dismissed the Department's appeal, affirming the cancellation of the penalty due to lack of intent to defraud and the firm's credible explanation for the understated sales. Case-Laws Income Tax Thu, 25 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70257