https://www.taxtmi.com/caselaws?id=250116 The High Court ruled that in cases of income estimation after rejecting books, penalties under section 271(1)(c) of the Income-tax Act cannot be imposed without evidence of deliberate concealment. The Tribunal upheld this ruling, setting aside penalty orders and canceling penalties in all cases due to lack of proof of concealment. The decision emphasized the necessity of concrete evidence before imposing penalties in situations where accounts are rejected and income is estimated, aligning with legal precedents requiring proof of deliberate concealment for penalty imposition. en-us Mon, 28 Jul 2014 00:00:00 +0530 Mon, 04 Aug 2014 11:18:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250116 The High Court ruled that in cases of income estimation after rejecting books, penalties under section 271(1)(c) of the Income-tax Act cannot be imposed without evidence of deliberate concealment. The Tribunal upheld this ruling, setting aside penalty orders and canceling penalties in all cases due to lack of proof of concealment. The decision emphasized the necessity of concrete evidence before imposing penalties in situations where accounts are rejected and income is estimated, aligning with legal precedents requiring proof of deliberate concealment for penalty imposition. Case-Laws Income Tax Mon, 28 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250116