https://www.taxtmi.com/caselaws?id=20959 The court held that the assessee did not conceal income or furnish inaccurate particulars under section 271(1)(c). The Tribunal's imposition of a penalty was deemed erroneous as the assessee had shown closing stock and declared sales fully in the subsequent year, indicating no intention to evade tax. The burden of proof to show no fraud or neglect was discharged by the assessee. The reference was decided in favor of the assessee. en-us Wed, 02 Sep 1992 00:00:00 +0530 Wed, 18 Nov 2009 12:46:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20959 The court held that the assessee did not conceal income or furnish inaccurate particulars under section 271(1)(c). The Tribunal's imposition of a penalty was deemed erroneous as the assessee had shown closing stock and declared sales fully in the subsequent year, indicating no intention to evade tax. The burden of proof to show no fraud or neglect was discharged by the assessee. The reference was decided in favor of the assessee. Case-Laws Income Tax Wed, 02 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20959