https://www.taxtmi.com/caselaws?id=376369 The penalty under section 271(1)(c) of the Income Tax Act, 1961, based on discrepancies in net profit rate, gross profit rate, and additions made by the assessing officer, was canceled. The court found that the higher income shown by the assessee, despite discrepancies, did not warrant a penalty as it was a case of estimated income adjustment. The assessee's cooperation, provision of complete details, and lack of evidence of concealment or inaccurate particulars led to the cancellation of the penalty. en-us Tue, 05 Mar 2019 00:00:00 +0530 Fri, 08 Mar 2019 08:06:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376369 The penalty under section 271(1)(c) of the Income Tax Act, 1961, based on discrepancies in net profit rate, gross profit rate, and additions made by the assessing officer, was canceled. The court found that the higher income shown by the assessee, despite discrepancies, did not warrant a penalty as it was a case of estimated income adjustment. The assessee's cooperation, provision of complete details, and lack of evidence of concealment or inaccurate particulars led to the cancellation of the penalty. Case-Laws Income Tax Tue, 05 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376369