https://www.taxtmi.com/caselaws?id=121615 The Tribunal upheld the CIT(A)'s findings in a tax penalty case. The assessee contested the penalty imposed under section 271(1)(c) of the Income-tax Act, based on estimated profits by the Assessing Officer. Despite discrepancies in financial statements and rejection of books of account, the Tribunal found the penalty valid. The Tribunal emphasized the civil nature of penalty provisions, not requiring proof of wilful concealment. Consequently, both the assessee and revenue appeals were dismissed, affirming the re-computation of penalty based on estimated profits. en-us Tue, 27 Jan 2009 00:00:00 +0530 Wed, 01 Aug 2012 10:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121615 The Tribunal upheld the CIT(A)'s findings in a tax penalty case. The assessee contested the penalty imposed under section 271(1)(c) of the Income-tax Act, based on estimated profits by the Assessing Officer. Despite discrepancies in financial statements and rejection of books of account, the Tribunal found the penalty valid. The Tribunal emphasized the civil nature of penalty provisions, not requiring proof of wilful concealment. Consequently, both the assessee and revenue appeals were dismissed, affirming the re-computation of penalty based on estimated profits. Case-Laws Income Tax Tue, 27 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121615