https://www.taxtmi.com/caselaws?id=207365 Penalty for concealment was not leviable where the trading addition arose only from estimation after rejection of the books of account. The Revenue had not shown any positive material proving deliberate concealment of income or furnishing of inaccurate particulars, and the difference between returned and assessed gross profit was treated as an estimated figure rather than automatic concealment. On that basis, cancellation of the penalty was upheld. en-us Fri, 05 Aug 2011 00:00:00 +0530 Thu, 22 Sep 2011 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207365 Penalty for concealment was not leviable where the trading addition arose only from estimation after rejection of the books of account. The Revenue had not shown any positive material proving deliberate concealment of income or furnishing of inaccurate particulars, and the difference between returned and assessed gross profit was treated as an estimated figure rather than automatic concealment. On that basis, cancellation of the penalty was upheld. Case-Laws Income Tax Fri, 05 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207365