https://www.taxtmi.com/caselaws?id=38592 The High Court upheld the Tribunal's findings, ruling in favor of the assessee in penalty proceedings under section 271(1)(c) of the Income-tax Act. The Court found that the additions to the assessable income were based on estimates due to improper accounts, not deliberate concealment, and that the difference in income reporting was due to oversight, not wilful neglect. The penalty imposed by the Inspecting Assistant Commissioner of Income-tax was quashed, and the assessee was awarded costs amounting to Rs. 200. en-us Thu, 25 Sep 1975 00:00:00 +0530 Wed, 07 Apr 2010 14:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38592 The High Court upheld the Tribunal's findings, ruling in favor of the assessee in penalty proceedings under section 271(1)(c) of the Income-tax Act. The Court found that the additions to the assessable income were based on estimates due to improper accounts, not deliberate concealment, and that the difference in income reporting was due to oversight, not wilful neglect. The penalty imposed by the Inspecting Assistant Commissioner of Income-tax was quashed, and the assessee was awarded costs amounting to Rs. 200. Case-Laws Income Tax Thu, 25 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38592