https://www.taxtmi.com/caselaws?id=373490 The dominant issue was whether penalty under s.271(1)(c) for concealment/apprehended concealment was justified. HC held that audited accounts disclosed use of PoC method, inventory valuation and cost allocation per Accounting Standard-7 and applicable Guidance Notes; material facts and details of selling/administrative expenses were placed on record; the AO did not disturb the figures and the Tribunal did not find lack of full and true disclosure; losses and small taxable income and subsequent allowance of expenses in a later year evidenced bonafide conduct. Consequently, the penalty under s.271(1)(c) was quashed. en-us Wed, 19 Dec 2018 00:00:00 +0530 Sat, 17 Jan 2026 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373490 The dominant issue was whether penalty under s.271(1)(c) for concealment/apprehended concealment was justified. HC held that audited accounts disclosed use of PoC method, inventory valuation and cost allocation per Accounting Standard-7 and applicable Guidance Notes; material facts and details of selling/administrative expenses were placed on record; the AO did not disturb the figures and the Tribunal did not find lack of full and true disclosure; losses and small taxable income and subsequent allowance of expenses in a later year evidenced bonafide conduct. Consequently, the penalty under s.271(1)(c) was quashed. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373490