https://www.taxtmi.com/caselaws?id=65042 The ITAT allowed both appeals, ruling that no penalties were applicable as there was no evidence of fraud or wilful neglect. The penalty under section 271(1)(c) for concealment was overturned as the unexplained investment in household furniture was not proven to be the assessee's income for the relevant year. Similarly, the penalty under section 273(c) for failure to file a revised estimate was also deleted since the additional income was not directly earned during the relevant previous year. en-us Thu, 28 Jan 1982 00:00:00 +0530 Fri, 11 Feb 2011 18:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65042 The ITAT allowed both appeals, ruling that no penalties were applicable as there was no evidence of fraud or wilful neglect. The penalty under section 271(1)(c) for concealment was overturned as the unexplained investment in household furniture was not proven to be the assessee's income for the relevant year. Similarly, the penalty under section 273(c) for failure to file a revised estimate was also deleted since the additional income was not directly earned during the relevant previous year. Case-Laws Income Tax Thu, 28 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65042