https://www.taxtmi.com/caselaws?id=240198 The Tribunal canceled the penalty under Section 271(1)(c) of the Income Tax Act due to insufficient evidence of deliberate concealment by the assessee. Emphasizing the burden of proof on the department, discrepancies in recorded rates were seen as potential errors rather than intentional misreporting. The decision underscores the significance of credible evidence, burden of proof, and genuine explanations in penalty cases under tax law. en-us Tue, 12 Nov 2013 00:00:00 +0530 Sat, 07 Dec 2013 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240198 The Tribunal canceled the penalty under Section 271(1)(c) of the Income Tax Act due to insufficient evidence of deliberate concealment by the assessee. Emphasizing the burden of proof on the department, discrepancies in recorded rates were seen as potential errors rather than intentional misreporting. The decision underscores the significance of credible evidence, burden of proof, and genuine explanations in penalty cases under tax law. Case-Laws Income Tax Tue, 12 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240198