https://www.taxtmi.com/caselaws?id=39166 Penalty under section 271(1) depends on the facts found, and estimated disallowances or trading additions do not by themselves establish concealment, fraud, or wilful default. The Tribunal treated the additions as matters of estimation and opinion, found that the department had not proved the assessed sums represented real income, and relied on evidence showing absence of gross or wilful neglect. The article also notes that there is no absolute rule barring penalty where income is estimated; the applicability of the Explanation turns on the facts of each case, and the cited authorities were distinguished on that basis. 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 under section 271(1) depends on the facts found, and estimated disallowances or trading additions do not by themselves establish concealment, fraud, or wilful default. The Tribunal treated the additions as matters of estimation and opinion, found that the department had not proved the assessed sums represented real income, and relied on evidence showing absence of gross or wilful neglect. The article also notes that there is no absolute rule barring penalty where income is estimated; the applicability of the Explanation turns on the facts of each case, and the cited authorities were distinguished on that basis. Case-Laws Income Tax Wed, 04 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39166