https://www.taxtmi.com/caselaws?id=61298 The tribunal allowed both appeals, canceling the penalties for late filing of return and concealment under section 271(1)(c). The tribunal found that the explanations provided by the assessee, along with the proviso, negated the need for penalties, emphasizing that the penalties were unjustified as the explanations were not conclusively rejected. The tribunal concluded that the proviso under the explanation exempted the assessee from concealment penalties, leading to the cancellation of both penalties. en-us Thu, 19 Apr 1984 00:00:00 +0530 Wed, 12 Jan 2011 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61298 The tribunal allowed both appeals, canceling the penalties for late filing of return and concealment under section 271(1)(c). The tribunal found that the explanations provided by the assessee, along with the proviso, negated the need for penalties, emphasizing that the penalties were unjustified as the explanations were not conclusively rejected. The tribunal concluded that the proviso under the explanation exempted the assessee from concealment penalties, leading to the cancellation of both penalties. Case-Laws Income Tax Thu, 19 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61298