https://www.taxtmi.com/caselaws?id=25238 Dispute concerns imposition and cancellation of an income-tax penalty for alleged concealment through suppressed profit and undervaluation of stock. Tribunal accepted that the assessee advanced bona fide explanations for melting loss and stock discrepancies which were not shown to be false by absent ledger entries, and found the proviso to the Explanation applicable, thereby negating concealment under the Explanation to section 271(1)(c); consequence: penalty cancelled. The Tribunals factual acceptance of explanations and lack of demonstration that claims were false determined the relief, rendering the Departmental challenge unsustainable. en-us Mon, 26 Oct 1987 00:00:00 +0530 Fri, 16 Jan 2026 10:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25238 Dispute concerns imposition and cancellation of an income-tax penalty for alleged concealment through suppressed profit and undervaluation of stock. Tribunal accepted that the assessee advanced bona fide explanations for melting loss and stock discrepancies which were not shown to be false by absent ledger entries, and found the proviso to the Explanation applicable, thereby negating concealment under the Explanation to section 271(1)(c); consequence: penalty cancelled. The Tribunals factual acceptance of explanations and lack of demonstration that claims were false determined the relief, rendering the Departmental challenge unsustainable. Case-Laws Income Tax Mon, 26 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25238