https://www.taxtmi.com/caselaws?id=18582 The High Court ruled against the assessee, favoring the Revenue in the case regarding penalties under section 271(1)(c) for assessment years 1979-80 and 1980-81. The court held that penalties can be levied even in cases of estimated income and that concealment is possible even if the revised assessment is based on an estimate. The court also found that penalties could be imposed for substantial suppressions of income, even if resulting from the accountant's defaults. The issues related to compromise on income did not arise, and no costs were awarded in the case. en-us Thu, 03 Aug 1995 00:00:00 +0530 Thu, 01 Oct 2009 18:09:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18582 The High Court ruled against the assessee, favoring the Revenue in the case regarding penalties under section 271(1)(c) for assessment years 1979-80 and 1980-81. The court held that penalties can be levied even in cases of estimated income and that concealment is possible even if the revised assessment is based on an estimate. The court also found that penalties could be imposed for substantial suppressions of income, even if resulting from the accountant's defaults. The issues related to compromise on income did not arise, and no costs were awarded in the case. Case-Laws Income Tax Thu, 03 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18582