https://www.taxtmi.com/caselaws?id=39122 The Tribunal set aside the penalty imposed under section 271(1)(c) on a firm engaged in contract execution for the assessment year 1967-68. The court found no evidence of fraud or wilful neglect by the assessee, emphasizing the lack of proof of deliberate concealment. The assessee's agreement to a higher assessment rate was deemed a practical decision due to unverifiable expenses, not a confession of concealment. The court ruled in favor of the assessee, highlighting that the voluntary admission of income was likely to avoid penalty rather than an acknowledgment of concealment. en-us Thu, 16 Jan 1975 00:00:00 +0530 Tue, 13 Apr 2010 10:48:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39122 The Tribunal set aside the penalty imposed under section 271(1)(c) on a firm engaged in contract execution for the assessment year 1967-68. The court found no evidence of fraud or wilful neglect by the assessee, emphasizing the lack of proof of deliberate concealment. The assessee's agreement to a higher assessment rate was deemed a practical decision due to unverifiable expenses, not a confession of concealment. The court ruled in favor of the assessee, highlighting that the voluntary admission of income was likely to avoid penalty rather than an acknowledgment of concealment. Case-Laws Income Tax Thu, 16 Jan 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39122