https://www.taxtmi.com/caselaws?id=71142 The Tribunal ruled in favor of the assessee, stating that the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, could not be upheld. The additions made to the trading account and bank account were deemed not to constitute concealment of income, and the non-addition of inadmissible expenses did not warrant a penalty. The Tribunal concluded that the penalty order was not justified and canceled it, allowing the appeal in full. en-us Wed, 13 Apr 1977 00:00:00 +0530 Thu, 21 Apr 2011 15:48:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71142 The Tribunal ruled in favor of the assessee, stating that the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, could not be upheld. The additions made to the trading account and bank account were deemed not to constitute concealment of income, and the non-addition of inadmissible expenses did not warrant a penalty. The Tribunal concluded that the penalty order was not justified and canceled it, allowing the appeal in full. Case-Laws Income Tax Wed, 13 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71142