https://www.taxtmi.com/caselaws?id=39166 Penalty for concealment was cancelled because the disallowance of expenses and addition to trading results rested on estimation and opinion, while the department did not establish that the assessed additions represented real income. Relevant material supported the finding that there was no gross or wilful neglect, fraud, or wilful default; consequently, the Explanation to section 271(1) did not warrant penalty on these facts. Estimated income does not automatically bar or require penalty, as liability depends on the evidence and circumstances of each matter. en-us Wed, 04 Dec 1974 00:00:00 +0530 Tue, 13 Apr 2010 13:35:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39166 Penalty for concealment was cancelled because the disallowance of expenses and addition to trading results rested on estimation and opinion, while the department did not establish that the assessed additions represented real income. Relevant material supported the finding that there was no gross or wilful neglect, fraud, or wilful default; consequently, the Explanation to section 271(1) did not warrant penalty on these facts. Estimated income does not automatically bar or require penalty, as liability depends on the evidence and circumstances of each matter. Case-Laws Income Tax Wed, 04 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39166