https://www.taxtmi.com/caselaws?id=56785 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 1975-76. It held that the rejection of account books and determination of profit did not establish concealment by the assessee. The Tribunal found the small income discrepancy insufficient for the penalty, emphasizing the burden of proof on the department. The appeal was allowed, and a refund was directed if the penalty had been paid. en-us Wed, 03 Sep 1986 00:00:00 +0530 Mon, 06 Dec 2010 17:04:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56785 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 1975-76. It held that the rejection of account books and determination of profit did not establish concealment by the assessee. The Tribunal found the small income discrepancy insufficient for the penalty, emphasizing the burden of proof on the department. The appeal was allowed, and a refund was directed if the penalty had been paid. Case-Laws Income Tax Wed, 03 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56785