https://www.taxtmi.com/caselaws?id=187531 The ITAT ruled in favor of the civil contractor, holding that penalty under section 271(1)(c) of the Income Tax Act cannot be imposed based on estimated income. Emphasizing the need for accurate information in the return, the ITAT concluded that since there were no inaccurate details or incorrect income estimation, there was no concealment warranting a penalty. The penalty imposed by the AO was deleted, and the assessee's appeal was allowed, following the principles outlined in the Supreme Court's judgment in CIT v/s Reliance Petroproducts Pvt. Ltd. en-us Fri, 09 Dec 2011 00:00:00 +0530 Mon, 04 Sep 2017 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187531 The ITAT ruled in favor of the civil contractor, holding that penalty under section 271(1)(c) of the Income Tax Act cannot be imposed based on estimated income. Emphasizing the need for accurate information in the return, the ITAT concluded that since there were no inaccurate details or incorrect income estimation, there was no concealment warranting a penalty. The penalty imposed by the AO was deleted, and the assessee's appeal was allowed, following the principles outlined in the Supreme Court's judgment in CIT v/s Reliance Petroproducts Pvt. Ltd. Case-Laws Income Tax Fri, 09 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187531