https://www.taxtmi.com/caselaws?id=69304 The ITAT allowed the appeal, canceling the penalty imposed on the assessee under section 271(1)(c) of the IT Act. The ITAT found that the addition in assessments was based on profit estimates and did not conclusively prove income concealment. It emphasized that the burden of proof lay with the assessee to show no fraud or wilful neglect, which was considered discharged as the returns were supported by accounts and not contradicted by evidence of actual concealment. The ITAT distinguished the case from precedents cited by the Revenue, ultimately concluding that the penalty could not be upheld. en-us Sat, 21 Jul 1979 00:00:00 +0530 Wed, 06 Apr 2011 11:34:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69304 The ITAT allowed the appeal, canceling the penalty imposed on the assessee under section 271(1)(c) of the IT Act. The ITAT found that the addition in assessments was based on profit estimates and did not conclusively prove income concealment. It emphasized that the burden of proof lay with the assessee to show no fraud or wilful neglect, which was considered discharged as the returns were supported by accounts and not contradicted by evidence of actual concealment. The ITAT distinguished the case from precedents cited by the Revenue, ultimately concluding that the penalty could not be upheld. Case-Laws Income Tax Sat, 21 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69304