https://www.taxtmi.com/caselaws?id=37534 The court canceled the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1963-64. It found that the assessee's imperfect estimation method did not indicate fraud or wilful neglect, and the penalty was unjustified as the assessee provided a basis for the returned income despite not maintaining regular books of account. The burden was on the assessee to disprove fraudulent intent or wilful neglect, and the court differentiated between gross neglect and wilful neglect, ultimately ruling in favor of the assessee and directing the department to pay the assessee's counsel costs. en-us Mon, 23 Jan 1978 00:00:00 +0530 Tue, 30 Mar 2010 13:31:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37534 The court canceled the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1963-64. It found that the assessee's imperfect estimation method did not indicate fraud or wilful neglect, and the penalty was unjustified as the assessee provided a basis for the returned income despite not maintaining regular books of account. The burden was on the assessee to disprove fraudulent intent or wilful neglect, and the court differentiated between gross neglect and wilful neglect, ultimately ruling in favor of the assessee and directing the department to pay the assessee's counsel costs. Case-Laws Income Tax Mon, 23 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37534