https://www.taxtmi.com/caselaws?id=281568 The Tribunal allowed the appeal of the Contractor against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal ruled that in cases where income estimation resulted from the rejection of books without deliberate fraud or neglect, penalties were not justified, citing precedents from Gujrat High Court and Bombay High Court. The decision aligned with previous judgments, leading to the verdict against the penalty imposition. en-us Tue, 12 Jul 2016 00:00:00 +0530 Tue, 25 Jun 2019 18:47:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281568 The Tribunal allowed the appeal of the Contractor against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal ruled that in cases where income estimation resulted from the rejection of books without deliberate fraud or neglect, penalties were not justified, citing precedents from Gujrat High Court and Bombay High Court. The decision aligned with previous judgments, leading to the verdict against the penalty imposition. Case-Laws Income Tax Tue, 12 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281568