https://www.taxtmi.com/caselaws?id=27453 In penalty proceedings under the Income-tax Act, unexplained discrepancy between stock shown in the books and stock found on inspection can support a finding of conscious concealment where the assessee offers no plausible explanation. The material must be examined afresh in the penalty record, and the findings in the assessment proceedings are not conclusive by themselves. On that basis, the penalty under section 271(1)(c) was sustained and the reference was answered against the assessee. en-us Wed, 16 Nov 1983 00:00:00 +0530 Sat, 13 Feb 2010 09:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27453 In penalty proceedings under the Income-tax Act, unexplained discrepancy between stock shown in the books and stock found on inspection can support a finding of conscious concealment where the assessee offers no plausible explanation. The material must be examined afresh in the penalty record, and the findings in the assessment proceedings are not conclusive by themselves. On that basis, the penalty under section 271(1)(c) was sustained and the reference was answered against the assessee. Case-Laws Income Tax Wed, 16 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27453