https://www.taxtmi.com/caselaws?id=61276 The penalty imposed under section 271(1)(c) for concealment of income was canceled in the case for the assessment year 1974-75. The Tribunal found that the assessee had shown the difference in total income did not arise due to fraud, leading to the conclusion that the penalty was not justified. The Tribunal emphasized that rejecting the assessee's explanation does not automatically warrant a penalty for concealment of income, ultimately allowing the appeal and canceling the penalty. en-us Mon, 31 Oct 1983 00:00:00 +0530 Wed, 12 Jan 2011 10:36:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61276 The penalty imposed under section 271(1)(c) for concealment of income was canceled in the case for the assessment year 1974-75. The Tribunal found that the assessee had shown the difference in total income did not arise due to fraud, leading to the conclusion that the penalty was not justified. The Tribunal emphasized that rejecting the assessee's explanation does not automatically warrant a penalty for concealment of income, ultimately allowing the appeal and canceling the penalty. Case-Laws Income Tax Mon, 31 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61276