https://www.taxtmi.com/caselaws?id=191696 The Tribunal partially allowed the appeal regarding the estimation of net income, directing the Assessing Officer to apply a 6% net profit rate on gross contract receipts instead of the initially estimated 10%. In the case of the penalty levied under Section 271(1)(c) of the Income Tax Act, the Tribunal deleted the penalty, emphasizing that penalties cannot be imposed based on estimates without evidence of concealment or furnishing inaccurate particulars of income. en-us Fri, 12 Aug 2011 00:00:00 +0530 Tue, 07 Aug 2018 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191696 The Tribunal partially allowed the appeal regarding the estimation of net income, directing the Assessing Officer to apply a 6% net profit rate on gross contract receipts instead of the initially estimated 10%. In the case of the penalty levied under Section 271(1)(c) of the Income Tax Act, the Tribunal deleted the penalty, emphasizing that penalties cannot be imposed based on estimates without evidence of concealment or furnishing inaccurate particulars of income. Case-Laws Income Tax Fri, 12 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191696