https://www.taxtmi.com/caselaws?id=27670 The court held that Section 271(1)(c) of the Income-tax Act, 1961 is applicable even when additions to income are based on estimates. The Tribunal's decision to set aside the penalty was deemed legally untenable, and the matter was remitted to determine the quantum of penalty. The court ruled against the assessee, directing payment of costs to the Revenue and a counsel's fee of Rs. 500. en-us Wed, 28 Sep 1983 00:00:00 +0530 Mon, 15 Feb 2010 12:48:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27670 The court held that Section 271(1)(c) of the Income-tax Act, 1961 is applicable even when additions to income are based on estimates. The Tribunal's decision to set aside the penalty was deemed legally untenable, and the matter was remitted to determine the quantum of penalty. The court ruled against the assessee, directing payment of costs to the Revenue and a counsel's fee of Rs. 500. Case-Laws Income Tax Wed, 28 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27670