https://www.taxtmi.com/caselaws?id=39121 Penalty under section 271(1)(c) of the Income-tax Act was held unsustainable where the addition arose from rejection of books and estimation of profit at a higher rate. The Tribunal's finding that the assessee's low profit, not concealment, led to the income enhancement negatived fraud or gross or wilful neglect under the Explanation. As that factual finding was not separately challenged, the penalty could not be sustained and cancellation of the penalty order was justified. en-us Thu, 05 Oct 1972 00:00:00 +0530 Tue, 13 Apr 2010 10:46:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39121 Penalty under section 271(1)(c) of the Income-tax Act was held unsustainable where the addition arose from rejection of books and estimation of profit at a higher rate. The Tribunal's finding that the assessee's low profit, not concealment, led to the income enhancement negatived fraud or gross or wilful neglect under the Explanation. As that factual finding was not separately challenged, the penalty could not be sustained and cancellation of the penalty order was justified. Case-Laws Income Tax Thu, 05 Oct 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39121