https://www.taxtmi.com/caselaws?id=38236 Penalty under section 271(1)(c) could not be sustained for the earlier assessment years because the addition was based on an estimated unexplained accretion to wealth allocated across years without material showing year-wise concealment; guesswork sufficient for assessment was insufficient for penalty, so cancellation for 1959-60, 1960-61 and 1961-62 was upheld. For the later years, the assessee's returned income was lower than the turnover-based estimate adopted in assessment and was unsupported by accounts; that deliberate under-estimate justified an inference of concealment or furnishing of inaccurate particulars, so penalty for 1963-64, 1964-65 and 1965-66 was sustained. en-us Tue, 18 Jan 1977 00:00:00 +0530 Mon, 05 Apr 2010 11:19:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38236 Penalty under section 271(1)(c) could not be sustained for the earlier assessment years because the addition was based on an estimated unexplained accretion to wealth allocated across years without material showing year-wise concealment; guesswork sufficient for assessment was insufficient for penalty, so cancellation for 1959-60, 1960-61 and 1961-62 was upheld. For the later years, the assessee's returned income was lower than the turnover-based estimate adopted in assessment and was unsupported by accounts; that deliberate under-estimate justified an inference of concealment or furnishing of inaccurate particulars, so penalty for 1963-64, 1964-65 and 1965-66 was sustained. Case-Laws Income Tax Tue, 18 Jan 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38236