https://www.taxtmi.com/caselaws?id=334866 The Tribunal allowed the appeal of the assessee by deleting the penalty levied under section 271(1)(c) of the Income Tax Act. The penalty was imposed based on the estimated addition of gross profit in the textile and iron and steel business. The Tribunal held that there was no concrete evidence of income concealment or inaccurate particulars, and the rejection of books was due to discrepancies. It was concluded that mere estimation does not warrant penalty under section 271(1)(c), leading to the deletion of the penalty. en-us Mon, 07 Nov 2016 00:00:00 +0530 Tue, 22 Nov 2016 15:37:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334866 The Tribunal allowed the appeal of the assessee by deleting the penalty levied under section 271(1)(c) of the Income Tax Act. The penalty was imposed based on the estimated addition of gross profit in the textile and iron and steel business. The Tribunal held that there was no concrete evidence of income concealment or inaccurate particulars, and the rejection of books was due to discrepancies. It was concluded that mere estimation does not warrant penalty under section 271(1)(c), leading to the deletion of the penalty. Case-Laws Income Tax Mon, 07 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334866