https://www.taxtmi.com/caselaws?id=29362 Penalty under section 271(1)(c) was not sustainable where the returns were filed on bona fide estimates after the assessee explained that the account books had been destroyed in a fire. The Tribunal accepted that explanation and found no deliberate withholding of books. The assessment merely replaced the assessee's estimates with higher estimates for business income, but the Revenue did not prove fraudulent estimation, concealment, or furnishing of inaccurate particulars. Even with the statutory Explanation, concealment was not established on these facts, so penalty could not be imposed. en-us Tue, 13 Jul 1982 00:00:00 +0530 Fri, 12 Mar 2010 13:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29362 Penalty under section 271(1)(c) was not sustainable where the returns were filed on bona fide estimates after the assessee explained that the account books had been destroyed in a fire. The Tribunal accepted that explanation and found no deliberate withholding of books. The assessment merely replaced the assessee's estimates with higher estimates for business income, but the Revenue did not prove fraudulent estimation, concealment, or furnishing of inaccurate particulars. Even with the statutory Explanation, concealment was not established on these facts, so penalty could not be imposed. Case-Laws Income Tax Tue, 13 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29362