https://www.taxtmi.com/caselaws?id=37364 The High Court upheld the Tribunal's decision to quash the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court ruled in favor of the assessee, stating that the unsatisfactory explanation provided for the stock discrepancy did not amount to deliberate concealment of income. The penalty was set aside based on the requirement for proof of conscious concealment or furnishing inaccurate particulars by the assessee, as established by precedents and principles laid down by the Supreme Court. en-us Thu, 06 Sep 1979 00:00:00 +0530 Mon, 29 Mar 2010 12:35:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37364 The High Court upheld the Tribunal's decision to quash the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court ruled in favor of the assessee, stating that the unsatisfactory explanation provided for the stock discrepancy did not amount to deliberate concealment of income. The penalty was set aside based on the requirement for proof of conscious concealment or furnishing inaccurate particulars by the assessee, as established by precedents and principles laid down by the Supreme Court. Case-Laws Income Tax Thu, 06 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37364