https://www.taxtmi.com/caselaws?id=23034 The Tribunal reduced the penalty under section 271(1)(c) of the Income-tax Act from Rs. 2,53,351 to Rs. 45,737, holding that "income" does not include loss for penalty purposes. The court upheld the reduction, finding no evidence of inaccurate particulars regarding the loss. Additionally, the Rs. 29,000 credit was not deemed concealed income as the assessee fulfilled the burden of proof, and the Department failed to show concealment. The Tribunal's decisions were upheld, and the assessee was awarded costs. en-us Thu, 14 Jun 1990 00:00:00 +0530 Wed, 16 Dec 2009 12:07:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23034 The Tribunal reduced the penalty under section 271(1)(c) of the Income-tax Act from Rs. 2,53,351 to Rs. 45,737, holding that "income" does not include loss for penalty purposes. The court upheld the reduction, finding no evidence of inaccurate particulars regarding the loss. Additionally, the Rs. 29,000 credit was not deemed concealed income as the assessee fulfilled the burden of proof, and the Department failed to show concealment. The Tribunal's decisions were upheld, and the assessee was awarded costs. Case-Laws Income Tax Thu, 14 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23034