https://www.taxtmi.com/caselaws?id=67332 Penalty under section 271(1)(c) was held inapplicable where the assessee maintained regular books of account and there was no finding that they were false or manipulated. The mere fact that assessment was completed under section 144, even with a difference of more than twenty per cent between returned and assessed income, did not by itself establish concealment or furnishing of inaccurate particulars. In the absence of fraud, gross neglect or wilful neglect, the Explanation to section 271(1)(c) was not attracted, and the penalty could not be sustained. en-us Sat, 28 Jul 1979 00:00:00 +0530 Thu, 10 Mar 2011 10:55:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67332 Penalty under section 271(1)(c) was held inapplicable where the assessee maintained regular books of account and there was no finding that they were false or manipulated. The mere fact that assessment was completed under section 144, even with a difference of more than twenty per cent between returned and assessed income, did not by itself establish concealment or furnishing of inaccurate particulars. In the absence of fraud, gross neglect or wilful neglect, the Explanation to section 271(1)(c) was not attracted, and the penalty could not be sustained. Case-Laws Income Tax Sat, 28 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67332