https://www.taxtmi.com/caselaws?id=214556 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 1997-98. The Tribunal held that estimating income does not automatically imply concealment, especially when all income particulars were disclosed. The absence of verifiable sales bills in the case did not indicate concealment, and legal precedents supported the view that penalty should not be imposed solely on estimated income. en-us Fri, 22 Jun 2012 00:00:00 +0530 Thu, 05 Jul 2012 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214556 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 1997-98. The Tribunal held that estimating income does not automatically imply concealment, especially when all income particulars were disclosed. The absence of verifiable sales bills in the case did not indicate concealment, and legal precedents supported the view that penalty should not be imposed solely on estimated income. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214556