https://www.taxtmi.com/caselaws?id=68932 The ITAT ruled in favor of the assessee, canceling the penalty under section 271(1)(c) for the assessment year 1973-74. The ITAT held that penalty imposition was not justified as there was no conscious concealment or furnishing of inaccurate particulars by the assessee. The estimation of income was attributed to book seizure circumstances, which put the ITO on notice, leading to the conclusion that the penalty was unwarranted. The ITAT allowed the assessee's appeal, emphasizing the lack of intentional concealment of income particulars. en-us Tue, 02 Mar 1982 00:00:00 +0530 Mon, 04 Apr 2011 11:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68932 The ITAT ruled in favor of the assessee, canceling the penalty under section 271(1)(c) for the assessment year 1973-74. The ITAT held that penalty imposition was not justified as there was no conscious concealment or furnishing of inaccurate particulars by the assessee. The estimation of income was attributed to book seizure circumstances, which put the ITO on notice, leading to the conclusion that the penalty was unwarranted. The ITAT allowed the assessee's appeal, emphasizing the lack of intentional concealment of income particulars. Case-Laws Income Tax Tue, 02 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68932