https://www.taxtmi.com/caselaws?id=61121 An incorrect totalling of purchases was treated as a clerical or arithmetical mistake rather than concealment of income or furnishing of inaccurate particulars. The record showed no mala fide intent, contumacious conduct, or deliberate suppression of income, and the absence of a balance sheet for the relevant year weakened any inference of intentional error in account preparation. On that basis, penalty under section 271(1)(c) was not justified and the cancellation of penalty was upheld in favour of the assessee. en-us Sat, 05 Jul 1980 00:00:00 +0530 Tue, 11 Jan 2011 10:15:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61121 An incorrect totalling of purchases was treated as a clerical or arithmetical mistake rather than concealment of income or furnishing of inaccurate particulars. The record showed no mala fide intent, contumacious conduct, or deliberate suppression of income, and the absence of a balance sheet for the relevant year weakened any inference of intentional error in account preparation. On that basis, penalty under section 271(1)(c) was not justified and the cancellation of penalty was upheld in favour of the assessee. Case-Laws Income Tax Sat, 05 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61121