https://www.taxtmi.com/caselaws?id=234333 The Tribunal upheld the penalty levied under section 271(1)(c) of the Income Tax Act, citing the acceptance of excess stock under the Kar Vivad Samadhan Scheme as indicative of deliberate concealment. The stock discrepancies identified by the Central Excise Authorities were deemed valid, with the Tribunal rejecting the assessees' explanations regarding burning losses and manufacturing discrepancies. Relying on judicial precedents, the Tribunal emphasized that mens rea is not required for penalty proceedings under section 271(1)(c). The penalty was upheld, and the appeals filed by the assessees were dismissed. en-us Wed, 13 Feb 2013 00:00:00 +0530 Fri, 07 Jun 2013 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234333 The Tribunal upheld the penalty levied under section 271(1)(c) of the Income Tax Act, citing the acceptance of excess stock under the Kar Vivad Samadhan Scheme as indicative of deliberate concealment. The stock discrepancies identified by the Central Excise Authorities were deemed valid, with the Tribunal rejecting the assessees' explanations regarding burning losses and manufacturing discrepancies. Relying on judicial precedents, the Tribunal emphasized that mens rea is not required for penalty proceedings under section 271(1)(c). The penalty was upheld, and the appeals filed by the assessees were dismissed. Case-Laws Income Tax Wed, 13 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234333