https://www.taxtmi.com/caselaws?id=438939 Penalty for alleged concealment was held unsustainable where additions were made on an estimated basis without conclusive evidence. The tribunal found that estimations of gross profit for liquor and food sales, relied upon by the assessing officer, were not supported by verification of statutory stock records and did not establish intentional concealment. Because the penalty standard requires solid proof beyond speculative estimates, the tribunal directed deletion of the penalty as legally untenable and allowed the assessee's appeal, resulting in removal of the impugned levy. en-us Wed, 29 Mar 2023 00:00:00 +0530 Fri, 13 Feb 2026 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438939 Penalty for alleged concealment was held unsustainable where additions were made on an estimated basis without conclusive evidence. The tribunal found that estimations of gross profit for liquor and food sales, relied upon by the assessing officer, were not supported by verification of statutory stock records and did not establish intentional concealment. Because the penalty standard requires solid proof beyond speculative estimates, the tribunal directed deletion of the penalty as legally untenable and allowed the assessee's appeal, resulting in removal of the impugned levy. Case-Laws Income Tax Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438939