https://www.taxtmi.com/caselaws?id=119188 The Tribunal upheld the cancellation of a penalty under section 271(1)(c) of the IT Act imposed on the assessee for furnishing inflated stock figures to the bank. The CIT(A) found the assessee's explanation credible, citing common trade practices and precedents. The Tribunal agreed, stating that the Assessing Officer's rejection of the details was unjustified, as the explanation was deemed bona fide. As the conditions for invoking Explanation 1(B) were not met, the penalty cancellation was upheld, and the Department's appeal was dismissed. en-us Tue, 01 Jun 2004 00:00:00 +0530 Mon, 16 Jul 2012 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119188 The Tribunal upheld the cancellation of a penalty under section 271(1)(c) of the IT Act imposed on the assessee for furnishing inflated stock figures to the bank. The CIT(A) found the assessee's explanation credible, citing common trade practices and precedents. The Tribunal agreed, stating that the Assessing Officer's rejection of the details was unjustified, as the explanation was deemed bona fide. As the conditions for invoking Explanation 1(B) were not met, the penalty cancellation was upheld, and the Department's appeal was dismissed. Case-Laws Income Tax Tue, 01 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119188