https://www.taxtmi.com/caselaws?id=71313 The appeal filed by the assessee was allowed as the penalty under section 271(1)(c) was canceled. The court found that there was no concealment or furnishing of inaccurate particulars of income, as the appellant offered additional income in the return after a survey operation revealed higher profits than the presumptive profits under sections 44AE and 44AF. The appellant's genuine belief in the non-obligation to declare higher profits under those sections was considered, leading to the cancellation of the penalty. en-us Fri, 07 Sep 2007 00:00:00 +0530 Wed, 12 Jun 2013 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71313 The appeal filed by the assessee was allowed as the penalty under section 271(1)(c) was canceled. The court found that there was no concealment or furnishing of inaccurate particulars of income, as the appellant offered additional income in the return after a survey operation revealed higher profits than the presumptive profits under sections 44AE and 44AF. The appellant's genuine belief in the non-obligation to declare higher profits under those sections was considered, leading to the cancellation of the penalty. Case-Laws Income Tax Fri, 07 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71313