https://www.taxtmi.com/caselaws?id=243419 HC held penalty under s.271(1)(c) cannot be imposed where AO's addition was mere estimation and guesswork not founded on facts. The court found the assessee's explanation bona fide and, absent corroborative evidence of concealment or deliberate conduct, the AO failed to prove requisite culpability. As estimated income was substantially reduced by the Tribunal, imposition of penalty was unwarranted. Decision ruled against the revenue. en-us Thu, 19 Sep 2013 00:00:00 +0530 Wed, 17 Sep 2025 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243419 HC held penalty under s.271(1)(c) cannot be imposed where AO's addition was mere estimation and guesswork not founded on facts. The court found the assessee's explanation bona fide and, absent corroborative evidence of concealment or deliberate conduct, the AO failed to prove requisite culpability. As estimated income was substantially reduced by the Tribunal, imposition of penalty was unwarranted. Decision ruled against the revenue. Case-Laws Income Tax Thu, 19 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243419