https://www.taxtmi.com/caselaws?id=70958 The Tribunal upheld the Dy. CIT(A)'s decision to cancel the penalty imposed under s. 271(1)(c) of the IT Act for the assessment year 1988-89. It ruled that the omission of goods in transit from closing stock valuation was a genuine mistake, not intentional concealment of income. The Tribunal cited legal precedents emphasizing the need for conscious concealment to justify a penalty under the relevant section. Consequently, the Revenue's appeal against the penalty cancellation was dismissed, affirming the Dy. CIT(A)'s order. en-us Tue, 23 May 2000 00:00:00 +0530 Wed, 20 Apr 2011 13:13:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70958 The Tribunal upheld the Dy. CIT(A)'s decision to cancel the penalty imposed under s. 271(1)(c) of the IT Act for the assessment year 1988-89. It ruled that the omission of goods in transit from closing stock valuation was a genuine mistake, not intentional concealment of income. The Tribunal cited legal precedents emphasizing the need for conscious concealment to justify a penalty under the relevant section. Consequently, the Revenue's appeal against the penalty cancellation was dismissed, affirming the Dy. CIT(A)'s order. Case-Laws Income Tax Tue, 23 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70958