https://www.taxtmi.com/caselaws?id=460959 Penalty under section 271(1)(c) of the Income-tax Act was held not leviable where additions were made on an estimated or rejected basis and there was no substantive material to show concealment. Applying its earlier precedent, the Gujarat High Court upheld the Tribunal's deletion of penalty because estimated assessment alone did not justify concealment proceedings. The ruling confirms that, absent a concrete basis for alleging concealment, penalty cannot be sustained merely on the strength of estimated additions. en-us Tue, 28 Jun 2016 00:00:00 +0530 Tue, 04 Mar 2025 18:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460959 Penalty under section 271(1)(c) of the Income-tax Act was held not leviable where additions were made on an estimated or rejected basis and there was no substantive material to show concealment. Applying its earlier precedent, the Gujarat High Court upheld the Tribunal's deletion of penalty because estimated assessment alone did not justify concealment proceedings. The ruling confirms that, absent a concrete basis for alleging concealment, penalty cannot be sustained merely on the strength of estimated additions. Case-Laws Income Tax Tue, 28 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460959