https://www.taxtmi.com/caselaws?id=56613 The Tribunal dismissed the assessee's appeal and allowed the revenue's appeal, directing the ITO to re-calculate the penalty based on the observations and directions provided. The Tribunal held that the Commissioner (Appeals) erred in deleting the penalty related to the groundnut, khali, and soap accounts as the assessee failed to discharge the burden of proof under the Explanation to section 271(1)(c). The penalty was to be recalculated considering only the current year's loss and the specific findings of unaccounted transactions. en-us Wed, 31 Dec 1986 00:00:00 +0530 Sat, 04 Dec 2010 18:10:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56613 The Tribunal dismissed the assessee's appeal and allowed the revenue's appeal, directing the ITO to re-calculate the penalty based on the observations and directions provided. The Tribunal held that the Commissioner (Appeals) erred in deleting the penalty related to the groundnut, khali, and soap accounts as the assessee failed to discharge the burden of proof under the Explanation to section 271(1)(c). The penalty was to be recalculated considering only the current year's loss and the specific findings of unaccounted transactions. Case-Laws Income Tax Wed, 31 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56613