https://www.taxtmi.com/caselaws?id=457273 Penalty under section 271(1)(c) cannot be sustained where the addition is made only on an estimated basis from lodging receipts. The record did not show concealment of income or furnishing of inaccurate particulars, and the Revenue was required to prove the requisite default before imposing concealment penalty. As the assessment was founded on estimation of receipts for the remaining period, the penalty lacked the necessary factual basis. The assessee's appeal succeeded and the penalty was annulled. en-us Wed, 04 Aug 2021 00:00:00 +0530 Fri, 13 Sep 2024 13:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457273 Penalty under section 271(1)(c) cannot be sustained where the addition is made only on an estimated basis from lodging receipts. The record did not show concealment of income or furnishing of inaccurate particulars, and the Revenue was required to prove the requisite default before imposing concealment penalty. As the assessment was founded on estimation of receipts for the remaining period, the penalty lacked the necessary factual basis. The assessee's appeal succeeded and the penalty was annulled. Case-Laws Income Tax Wed, 04 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457273