https://www.taxtmi.com/caselaws?id=253622 The High Court dismissed Appeals No. 461 to 464 of 2000 related to the assessment of unaccounted business income for the mentioned assessment years. However, Appeals No. 833 to 836 of 2005 challenging the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 were allowed. The court found the assessment of unaccounted business income to be just and proper, upholding the additions made by the assessing officer. On the other hand, the court deemed the penalty unjustified as it was solely based on estimation without concrete evidence, leading to the allowance of the appeals against the penalty. en-us Wed, 05 Nov 2014 00:00:00 +0530 Sat, 29 Nov 2014 11:04:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253622 The High Court dismissed Appeals No. 461 to 464 of 2000 related to the assessment of unaccounted business income for the mentioned assessment years. However, Appeals No. 833 to 836 of 2005 challenging the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 were allowed. The court found the assessment of unaccounted business income to be just and proper, upholding the additions made by the assessing officer. On the other hand, the court deemed the penalty unjustified as it was solely based on estimation without concrete evidence, leading to the allowance of the appeals against the penalty. Case-Laws Income Tax Wed, 05 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253622