https://www.taxtmi.com/caselaws?id=265460 The Tribunal concluded that the imposition of penalty under section 271(1)(c) of the Income Tax Act, 1961 was not justified in the case. It found that the assessment was based on guesswork without cogent reasons, and the non-production of books was attributed to disputes between directors rather than deliberate concealment of income. As a result, the penalty was deleted, and the assessee's appeal was allowed, emphasizing that penalties should not be imposed in the absence of deliberate concealment or inaccurate reporting of income. en-us Fri, 26 Jun 2015 00:00:00 +0530 Mon, 12 Oct 2015 06:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265460 The Tribunal concluded that the imposition of penalty under section 271(1)(c) of the Income Tax Act, 1961 was not justified in the case. It found that the assessment was based on guesswork without cogent reasons, and the non-production of books was attributed to disputes between directors rather than deliberate concealment of income. As a result, the penalty was deleted, and the assessee's appeal was allowed, emphasizing that penalties should not be imposed in the absence of deliberate concealment or inaccurate reporting of income. Case-Laws Income Tax Fri, 26 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265460