https://www.taxtmi.com/caselaws?id=207632 The High Court dismissed the appeal challenging the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal's decision to set aside the penalty was upheld, as it was found that no concealment of income or inaccurate particulars existed in the filed return. The increase in total income due to the disallowance of expenses on an estimated basis did not meet the criteria for penalty imposition under Section 271(1)(c). Consequently, the Court affirmed that no penalty could be levied in this case. en-us Wed, 14 Sep 2011 00:00:00 +0530 Thu, 22 Dec 2011 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207632 The High Court dismissed the appeal challenging the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal's decision to set aside the penalty was upheld, as it was found that no concealment of income or inaccurate particulars existed in the filed return. The increase in total income due to the disallowance of expenses on an estimated basis did not meet the criteria for penalty imposition under Section 271(1)(c). Consequently, the Court affirmed that no penalty could be levied in this case. Case-Laws Income Tax Wed, 14 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207632