https://www.taxtmi.com/caselaws?id=9086 The court upheld the estimation of profits by the Tribunal for building contracts and road works due to the lack of maintained accounts by the assessee. It found no error in the Tribunal's actions, emphasizing the higher profit margins in road works contracts. Regarding alleged sub-contracts and the penalty under section 271(1)(c) of the Income-tax Act, 1961, the court ruled in favor of the assessee, stating that the penalty imposition was unjustified as there was no evidence of deliberate concealment. The importance of genuine sub-contracts and proper record-keeping was highlighted to avoid disputes in profit assessment and penalty imposition. en-us Tue, 21 Aug 1973 00:00:00 +0530 Fri, 19 Jun 2009 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9086 The court upheld the estimation of profits by the Tribunal for building contracts and road works due to the lack of maintained accounts by the assessee. It found no error in the Tribunal's actions, emphasizing the higher profit margins in road works contracts. Regarding alleged sub-contracts and the penalty under section 271(1)(c) of the Income-tax Act, 1961, the court ruled in favor of the assessee, stating that the penalty imposition was unjustified as there was no evidence of deliberate concealment. The importance of genuine sub-contracts and proper record-keeping was highlighted to avoid disputes in profit assessment and penalty imposition. Case-Laws Income Tax Tue, 21 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9086