https://www.taxtmi.com/highlights?id=14134 Penalty u/s 271(1)(c) of the Income Tax Act - concealment of income - AO rejected to books of accounts since 90% of expenses paid in cash and not verifiable - AO applied the net profit rate @ 3.1% instead of 2.1% - levy of penalty on estimate of income be cancelled. - AT en-us Tue, 27 Aug 2013 09:37:42 +0530 Tue, 27 Aug 2013 09:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=14134 Penalty u/s 271(1)(c) of the Income Tax Act - concealment of income - AO rejected to books of accounts since 90% of expenses paid in cash and not verifiable - AO applied the net profit rate @ 3.1% instead of 2.1% - levy of penalty on estimate of income be cancelled. - AT Highlights Income Tax Tue, 27 Aug 2013 09:37:42 +0530 https://www.taxtmi.com/highlights?id=14134