https://www.taxtmi.com/caselaws?id=55669 The Tribunal dismissed the appeals regarding penalties under Section 271(1)(c) for concealment of income for assessment years 1977-78 to 1980-81. It was found that there was no concealment of income as discrepancies in the kachha and pacca books were due to expenses disallowed for lack of evidence, not deliberate concealment. The Appellate Assistant Commissioner and Commissioner of Income Tax (Appeals) cancelled the penalties, stating the reassessment lacked evidence of deliberate concealment. The Tribunal upheld these decisions, concluding that penalties were unjustified, and the appeals were dismissed. en-us Fri, 24 Jul 1992 00:00:00 +0530 Mon, 29 Nov 2010 13:14:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55669 The Tribunal dismissed the appeals regarding penalties under Section 271(1)(c) for concealment of income for assessment years 1977-78 to 1980-81. It was found that there was no concealment of income as discrepancies in the kachha and pacca books were due to expenses disallowed for lack of evidence, not deliberate concealment. The Appellate Assistant Commissioner and Commissioner of Income Tax (Appeals) cancelled the penalties, stating the reassessment lacked evidence of deliberate concealment. The Tribunal upheld these decisions, concluding that penalties were unjustified, and the appeals were dismissed. Case-Laws Income Tax Fri, 24 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55669