https://www.taxtmi.com/caselaws?id=9711 The High Court ruled in favor of the assessee, holding that the penalty under section 271(1)(c) was not applicable. The Court found that the discrepancies in income were unintentional errors due to the assessee's consistent application of a specific accounting method accepted by the Department. Emphasizing the absence of evidence of deliberate concealment, the Court upheld the Tribunal's decision, concluding that the assessee acted in good faith and did not intend to evade tax liability. en-us Thu, 16 Feb 2006 00:00:00 +0530 Mon, 29 Jun 2009 18:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9711 The High Court ruled in favor of the assessee, holding that the penalty under section 271(1)(c) was not applicable. The Court found that the discrepancies in income were unintentional errors due to the assessee's consistent application of a specific accounting method accepted by the Department. Emphasizing the absence of evidence of deliberate concealment, the Court upheld the Tribunal's decision, concluding that the assessee acted in good faith and did not intend to evade tax liability. Case-Laws Income Tax Thu, 16 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9711