https://www.taxtmi.com/caselaws?id=266218 The ITAT dismissed the Revenue's appeal, ruling that the lack of specific details about labour payments did not amount to intentional concealment of income. The penalty under section 271(1)(c) was deemed unjustified as the estimation of profit was based on incomplete information rather than deliberate misrepresentation. The ITAT upheld the CIT(A)'s decision to reduce the Net Profit rate to 3% for assessing income related to diamond cutting and manufacturing job work, ultimately concluding that the penalty was not warranted in this case. en-us Thu, 30 Apr 2015 00:00:00 +0530 Mon, 19 Oct 2015 07:53:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266218 The ITAT dismissed the Revenue's appeal, ruling that the lack of specific details about labour payments did not amount to intentional concealment of income. The penalty under section 271(1)(c) was deemed unjustified as the estimation of profit was based on incomplete information rather than deliberate misrepresentation. The ITAT upheld the CIT(A)'s decision to reduce the Net Profit rate to 3% for assessing income related to diamond cutting and manufacturing job work, ultimately concluding that the penalty was not warranted in this case. Case-Laws Income Tax Thu, 30 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266218