https://www.taxtmi.com/caselaws?id=190274 The Tribunal concluded that no penalty was exigible in the instant case. The Tribunal noted that the assessee's explanation for the lower g.p. rate was plausible and substantially substantiated. The Tribunal observed that the addition was made to plug a possible revenue leakage due to unverifiable purchases, but it did not indicate a deliberate concealment of income or furnishing of inaccurate particulars. Therefore, the appeals by the assessee were allowed, and the penalty levied under section 271(1)(c) was cancelled. en-us Wed, 16 May 2012 00:00:00 +0530 Fri, 15 Sep 2017 09:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190274 The Tribunal concluded that no penalty was exigible in the instant case. The Tribunal noted that the assessee's explanation for the lower g.p. rate was plausible and substantially substantiated. The Tribunal observed that the addition was made to plug a possible revenue leakage due to unverifiable purchases, but it did not indicate a deliberate concealment of income or furnishing of inaccurate particulars. Therefore, the appeals by the assessee were allowed, and the penalty levied under section 271(1)(c) was cancelled. Case-Laws Income Tax Wed, 16 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190274