https://www.taxtmi.com/caselaws?id=29156 The High Court of Allahabad ruled in favor of the assessee in a case concerning the estimation of concealed income for imposing a penalty under section 271(2) of the Income Tax Act, 1961. Discrepancies in the accounts led to an initial rejection of the book version and an estimation of income at Rs. 30,000, later revised to Rs. 3,000 by the Tribunal. The court emphasized the independent nature of penalty proceedings, rejecting the Revenue's argument linking penalty solely to assessment proceedings. The court upheld the Tribunal's decision on the concealed income estimation, granting costs and counsel's fee to the assessee. en-us Mon, 07 Jul 1980 00:00:00 +0530 Thu, 11 Mar 2010 11:47:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29156 The High Court of Allahabad ruled in favor of the assessee in a case concerning the estimation of concealed income for imposing a penalty under section 271(2) of the Income Tax Act, 1961. Discrepancies in the accounts led to an initial rejection of the book version and an estimation of income at Rs. 30,000, later revised to Rs. 3,000 by the Tribunal. The court emphasized the independent nature of penalty proceedings, rejecting the Revenue's argument linking penalty solely to assessment proceedings. The court upheld the Tribunal's decision on the concealed income estimation, granting costs and counsel's fee to the assessee. Case-Laws Income Tax Mon, 07 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29156