https://www.taxtmi.com/caselaws?id=67295 Penalty under section 271(1)(c) was treated as not automatic where income was assessed on estimate after rejection of the books. Regular maintenance of accounts, though not accepted for assessment, and the absence of material showing concealment, inaccurate particulars, fraud, gross neglect, or wilful neglect were treated as sufficient to defeat the Explanation. The difference between returned and assessed income, by itself, was held insufficient to sustain penalty where the assessment was only estimated and the assessee could discharge the negative burden on the material before the authority. The penalty deletion was upheld in favour of the assessee. en-us Sat, 07 Jan 1978 00:00:00 +0530 Wed, 09 Mar 2011 18:56:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67295 Penalty under section 271(1)(c) was treated as not automatic where income was assessed on estimate after rejection of the books. Regular maintenance of accounts, though not accepted for assessment, and the absence of material showing concealment, inaccurate particulars, fraud, gross neglect, or wilful neglect were treated as sufficient to defeat the Explanation. The difference between returned and assessed income, by itself, was held insufficient to sustain penalty where the assessment was only estimated and the assessee could discharge the negative burden on the material before the authority. The penalty deletion was upheld in favour of the assessee. Case-Laws Income Tax Sat, 07 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67295