https://www.taxtmi.com/caselaws?id=193213 The Court dismissed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1990-91. The Tribunal found that the penalty was based on an estimate without concrete evidence of fraud or wilful neglect in income disclosure. Referring to a previous judgment, the Court emphasized that mere adjustments to income do not imply fraudulent intent. As the Tribunal's decision aligned with the cited judgment, the appeal was dismissed without costs. en-us Thu, 25 Sep 2008 00:00:00 +0530 Tue, 18 Jul 2017 17:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193213 The Court dismissed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1990-91. The Tribunal found that the penalty was based on an estimate without concrete evidence of fraud or wilful neglect in income disclosure. Referring to a previous judgment, the Court emphasized that mere adjustments to income do not imply fraudulent intent. As the Tribunal's decision aligned with the cited judgment, the appeal was dismissed without costs. Case-Laws Income Tax Thu, 25 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193213