https://www.taxtmi.com/caselaws?id=268121 Penalty under section 271(1)(c) could not be sustained where the assessee filed original returns on an estimate basis after seizure of books of account, later filed revised returns once the books were restored, and the assessments were completed on that basis. The record did not establish that the original returns were not bona fide or that there was fraud, wilful neglect, concealment, or furnishing of inaccurate particulars. The Tribunal's finding that concealment was not made out was upheld, the minimum penalty was held not exigible, and no substantial question of law arose for admission of the appeal. en-us Tue, 11 Aug 2015 00:00:00 +0530 Fri, 20 Nov 2015 10:23:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268121 Penalty under section 271(1)(c) could not be sustained where the assessee filed original returns on an estimate basis after seizure of books of account, later filed revised returns once the books were restored, and the assessments were completed on that basis. The record did not establish that the original returns were not bona fide or that there was fraud, wilful neglect, concealment, or furnishing of inaccurate particulars. The Tribunal's finding that concealment was not made out was upheld, the minimum penalty was held not exigible, and no substantial question of law arose for admission of the appeal. Case-Laws Income Tax Tue, 11 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268121