https://www.taxtmi.com/caselaws?id=173325 The High Court upheld the ITAT's decision in an appeal by the revenue regarding the assessment year 2000-01. The ITAT's application of a 10% growth profit rate for income assessment was considered an estimate basis, leading to no definitive finding of concealment of income. The Court affirmed that penalty imposition under section 271(1)(c) was not justified when assessments are made on an estimate basis, dismissing the revenue's appeal for lack of substantial legal question. en-us Wed, 25 Nov 2009 00:00:00 +0530 Sat, 02 Sep 2023 20:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173325 The High Court upheld the ITAT's decision in an appeal by the revenue regarding the assessment year 2000-01. The ITAT's application of a 10% growth profit rate for income assessment was considered an estimate basis, leading to no definitive finding of concealment of income. The Court affirmed that penalty imposition under section 271(1)(c) was not justified when assessments are made on an estimate basis, dismissing the revenue's appeal for lack of substantial legal question. Case-Laws Income Tax Wed, 25 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173325