https://www.taxtmi.com/caselaws?id=68414 Penalty for concealment was not sustainable where the assessee had disclosed contract receipts and the income addition resulted only from estimation by applying a higher net profit rate. The absence of any finding that a specific expense was fictitious, or any concrete material showing conscious concealment of income, meant section 271(1)(c) could not be invoked merely because the assessed income was enhanced on estimate. On that basis, deletion of the penalty was upheld in favour of the assessee. en-us Thu, 27 Apr 2000 00:00:00 +0530 Tue, 29 Mar 2011 18:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68414 Penalty for concealment was not sustainable where the assessee had disclosed contract receipts and the income addition resulted only from estimation by applying a higher net profit rate. The absence of any finding that a specific expense was fictitious, or any concrete material showing conscious concealment of income, meant section 271(1)(c) could not be invoked merely because the assessed income was enhanced on estimate. On that basis, deletion of the penalty was upheld in favour of the assessee. Case-Laws Income Tax Thu, 27 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68414