https://www.taxtmi.com/caselaws?id=71644 The Tribunal upheld the decision to delete the penalty under section 271(1)(c) of the Income-tax Act, finding that the explanations provided were reasonable and the valuation differences were due to estimation, not concealment. The Tribunal also determined that procedural delays in filing returns post-search and seizure were justified, indicating no intention to conceal income. The appeal by the Revenue was dismissed. en-us Fri, 09 Mar 2001 00:00:00 +0530 Tue, 26 Apr 2011 12:50:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71644 The Tribunal upheld the decision to delete the penalty under section 271(1)(c) of the Income-tax Act, finding that the explanations provided were reasonable and the valuation differences were due to estimation, not concealment. The Tribunal also determined that procedural delays in filing returns post-search and seizure were justified, indicating no intention to conceal income. The appeal by the Revenue was dismissed. Case-Laws Income Tax Fri, 09 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71644