https://www.taxtmi.com/caselaws?id=21830 The Tribunal canceled the penalty order imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961, as it found that no penalty could be imposed based on estimated additions without actual income concealment. The Supreme Court precedent supported this decision, emphasizing the need for relevant evidence to rebut the presumption of income concealment. The High Court upheld the Tribunal's findings, concluding that the Department failed to challenge the factual basis adequately. Consequently, the reference for a question of law was rejected, affirming the cancellation of the penalty order. en-us Tue, 06 Aug 1991 00:00:00 +0530 Tue, 01 Dec 2009 18:08:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21830 The Tribunal canceled the penalty order imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961, as it found that no penalty could be imposed based on estimated additions without actual income concealment. The Supreme Court precedent supported this decision, emphasizing the need for relevant evidence to rebut the presumption of income concealment. The High Court upheld the Tribunal's findings, concluding that the Department failed to challenge the factual basis adequately. Consequently, the reference for a question of law was rejected, affirming the cancellation of the penalty order. Case-Laws Income Tax Tue, 06 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21830