https://www.taxtmi.com/caselaws?id=20592 HC held that the assessee's conduct squarely attracted penalty under s. 271(1)(c) for concealment of income and furnishing inaccurate particulars. The assessee initially filed a return showing loss and later revised it showing profit, without maintaining books of account, necessitating estimated assessment. HC ruled that the change from loss to profit itself indicated suppression of income, and the fact that income was ultimately assessed on an estimated basis did not insulate the assessee from penalty. The reasons adopted by the Tribunal to cancel the penalty were found legally untenable, and the penalty levied under the Explanation to s. 271(1)(c) was restored. en-us Mon, 05 Aug 1991 00:00:00 +0530 Mon, 08 Dec 2025 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20592 HC held that the assessee's conduct squarely attracted penalty under s. 271(1)(c) for concealment of income and furnishing inaccurate particulars. The assessee initially filed a return showing loss and later revised it showing profit, without maintaining books of account, necessitating estimated assessment. HC ruled that the change from loss to profit itself indicated suppression of income, and the fact that income was ultimately assessed on an estimated basis did not insulate the assessee from penalty. The reasons adopted by the Tribunal to cancel the penalty were found legally untenable, and the penalty levied under the Explanation to s. 271(1)(c) was restored. Case-Laws Income Tax Mon, 05 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20592