https://www.taxtmi.com/caselaws?id=71452 The Tribunal upheld the addition of Rs. 38,820 as profits from the supply of G.I. pipes for the assessment year 1982-83. However, it dismissed the penalty imposed under section 271(1)(c) for concealment of income, as there was no deliberate or intentional concealment found. The Tribunal emphasized that the assessee's treatment of transactions on a cash basis and the provided explanation were plausible and bona fide, leading to the conclusion that the facts did not support the imposition of the penalty. en-us Mon, 22 Jun 1992 00:00:00 +0530 Sat, 23 Apr 2011 15:07:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71452 The Tribunal upheld the addition of Rs. 38,820 as profits from the supply of G.I. pipes for the assessment year 1982-83. However, it dismissed the penalty imposed under section 271(1)(c) for concealment of income, as there was no deliberate or intentional concealment found. The Tribunal emphasized that the assessee's treatment of transactions on a cash basis and the provided explanation were plausible and bona fide, leading to the conclusion that the facts did not support the imposition of the penalty. Case-Laws Income Tax Mon, 22 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71452