https://www.taxtmi.com/caselaws?id=61232 Penalty under section 271(1)(c) was found unsustainable because the gross profit addition stemmed from an arithmetical mistake in treating the closing stock figure as gross profit, while the trading account and profit and loss account were already before the assessing authority. The sundry debtors issue was also treated as an accounting error, and the record did not show deliberate suppression, contumacious conduct, or intent to defraud the revenue. On those facts, the matter was characterised as inadvertent error rather than concealment or furnishing of inaccurate particulars, and the penalty was cancelled. en-us Sat, 01 Jan 1983 00:00:00 +0530 Tue, 11 Jan 2011 14:00:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61232 Penalty under section 271(1)(c) was found unsustainable because the gross profit addition stemmed from an arithmetical mistake in treating the closing stock figure as gross profit, while the trading account and profit and loss account were already before the assessing authority. The sundry debtors issue was also treated as an accounting error, and the record did not show deliberate suppression, contumacious conduct, or intent to defraud the revenue. On those facts, the matter was characterised as inadvertent error rather than concealment or furnishing of inaccurate particulars, and the penalty was cancelled. Case-Laws Income Tax Sat, 01 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61232