https://www.taxtmi.com/caselaws?id=61431 The Tribunal allowed the appeal, ruling that the penalty under section 271(1)(c) of the IT Act, 1961 was not sustainable. The penalty of Rs. 14,370 imposed on the assessee, a firm engaged in the brick kiln business, was canceled as it was found that there was no concealment of income. The Tribunal determined that the assessee had disclosed necessary facts for income computation, and the additions made during assessment were based on estimates accepted by the AAC. Therefore, the penalty under section 271(1)(c) or Explanation 1 was deemed inapplicable in this case. en-us Wed, 28 Feb 1990 00:00:00 +0530 Wed, 12 Jan 2011 16:02:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61431 The Tribunal allowed the appeal, ruling that the penalty under section 271(1)(c) of the IT Act, 1961 was not sustainable. The penalty of Rs. 14,370 imposed on the assessee, a firm engaged in the brick kiln business, was canceled as it was found that there was no concealment of income. The Tribunal determined that the assessee had disclosed necessary facts for income computation, and the additions made during assessment were based on estimates accepted by the AAC. Therefore, the penalty under section 271(1)(c) or Explanation 1 was deemed inapplicable in this case. Case-Laws Income Tax Wed, 28 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61431