https://www.taxtmi.com/caselaws?id=213029 The ITAT upheld the CIT (A)'s decision to cancel the penalty under section 271(1)(c), ruling that the estimation of income using a flat net profit rate does not amount to concealment or filing inaccurate particulars. Allegations of illegal payments, inflated payments, and undisclosed benami transactions were deemed baseless. The disparity between assessed and returned income was attributed to an ad hoc estimation, not concealment. The appeal by the revenue challenging the cancellation of the penalty was dismissed. en-us Thu, 29 Mar 2012 00:00:00 +0530 Fri, 04 May 2012 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213029 The ITAT upheld the CIT (A)'s decision to cancel the penalty under section 271(1)(c), ruling that the estimation of income using a flat net profit rate does not amount to concealment or filing inaccurate particulars. Allegations of illegal payments, inflated payments, and undisclosed benami transactions were deemed baseless. The disparity between assessed and returned income was attributed to an ad hoc estimation, not concealment. The appeal by the revenue challenging the cancellation of the penalty was dismissed. Case-Laws Income Tax Thu, 29 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213029