https://www.taxtmi.com/caselaws?id=58437 Penalty under section 271(1)(c) was held unsustainable where the surrounding facts did not reasonably establish concealment by the assessee-firm. In relation to alleged bogus loans and interest disallowance, the receipts were treated as more plausibly partners' contributions brought in at commencement, and any falsity would lie against the partners rather than the firm, so concealment was not proved against the assessee. On the alleged suppression of sales of stock-in-trade, the acquisition of a running tailoring shop contrasted with the assessee's retail stationery business, and the stock recital was treated as a device linked to tenancy transfer, not reliable evidence of unreported sales. The entire penalty was deleted. en-us Thu, 19 Feb 1981 00:00:00 +0530 Mon, 20 Dec 2010 10:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58437 Penalty under section 271(1)(c) was held unsustainable where the surrounding facts did not reasonably establish concealment by the assessee-firm. In relation to alleged bogus loans and interest disallowance, the receipts were treated as more plausibly partners' contributions brought in at commencement, and any falsity would lie against the partners rather than the firm, so concealment was not proved against the assessee. On the alleged suppression of sales of stock-in-trade, the acquisition of a running tailoring shop contrasted with the assessee's retail stationery business, and the stock recital was treated as a device linked to tenancy transfer, not reliable evidence of unreported sales. The entire penalty was deleted. Case-Laws Income Tax Thu, 19 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58437