https://www.taxtmi.com/caselaws?id=278494 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 2009-10. The Tribunal accepted the assessee's explanation as bonafide, noting that the discrepancy in closing work in progress was based on incomplete details obtained from government departments. As the total receipts declared by the assessee exceeded the information from departments, the addition did not amount to concealment of income. The decision was pronounced on 29/08/2018. en-us Wed, 29 Aug 2018 00:00:00 +0530 Thu, 07 Feb 2019 10:34:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278494 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 2009-10. The Tribunal accepted the assessee's explanation as bonafide, noting that the discrepancy in closing work in progress was based on incomplete details obtained from government departments. As the total receipts declared by the assessee exceeded the information from departments, the addition did not amount to concealment of income. The decision was pronounced on 29/08/2018. Case-Laws Income Tax Wed, 29 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278494