ASSESSMENT BASED ON ESTIMATED RATE OF NET PROFIT – PENALTY UNDER SECTION 271(1) (c) WILL NOT SURVIVE

ASSESSMENT BASED ON ESTIMATED RATE OF NET PROFIT – PENALTY UNDER SECTION 271(1) (c) WILL NOT SURVIVE https://www.taxtmi.com/article/detailed?id=13653 Where an assessing officer increases declared income by applying an estimated net profit rate after rejecting books and issues a penalty for alleged concealment, estimation alone-supported by industry comparables and without evidence of deliberate misrepresentation-does not establish concealment or furnishing of inaccurate particulars; penal liability requires independent proof of intent or inaccurate particulars beyond a mere estimated adjustment. en-us Wed, 26 Feb 2025 08:17:55 +0530 Wed, 26 Feb 2025 08:17:55 +0530 TaxTMI RSS Generator ASSESSMENT BASED ON ESTIMATED RATE OF NET PROFIT – PENALTY UNDER SECTION 271(1) (c) WILL NOT SURVIVE https://www.taxtmi.com/article/detailed?id=13653 Where an assessing officer increases declared income by applying an estimated net profit rate after rejecting books and issues a penalty for alleged concealment, estimation alone-supported by industry comparables and without evidence of deliberate misrepresentation-does not establish concealment or furnishing of inaccurate particulars; penal liability requires independent proof of intent or inaccurate particulars beyond a mere estimated adjustment. Articles Income Tax Wed, 26 Feb 2025 08:17:55 +0530 https://www.taxtmi.com/article/detailed?id=13653