https://www.taxtmi.com/caselaws?id=103866 The Tribunal affirmed the cancellation of the penalty under section 271(1)(c) by the CIT(A), highlighting that discrepancies in stock, rejected explanations, and estimation of sales do not necessarily indicate concealment of income, especially when all transactions were reflected in the accounts and profits were duly reported. The Tribunal dismissed the appeal, emphasizing that rejected explanations and discrepancies in stock do not automatically imply concealment of income. en-us Thu, 03 May 2001 00:00:00 +0530 Fri, 24 Feb 2012 18:14:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103866 The Tribunal affirmed the cancellation of the penalty under section 271(1)(c) by the CIT(A), highlighting that discrepancies in stock, rejected explanations, and estimation of sales do not necessarily indicate concealment of income, especially when all transactions were reflected in the accounts and profits were duly reported. The Tribunal dismissed the appeal, emphasizing that rejected explanations and discrepancies in stock do not automatically imply concealment of income. Case-Laws Income Tax Thu, 03 May 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103866