https://www.taxtmi.com/caselaws?id=766833 Penalty under section 271(1)(c) was held unsustainable where the quantum addition rested only on estimation of profit from turnover and not on direct material showing concealment. The Tribunal noted that the underlying disallowance had itself been modified to an estimated profit rate, and applied the principle that concealment penalty is not exigible when income is determined merely by estimation. The penalty was deleted in favour of the assessee. en-us Mon, 03 Mar 2025 00:00:00 +0530 Wed, 05 Mar 2025 07:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766833 Penalty under section 271(1)(c) was held unsustainable where the quantum addition rested only on estimation of profit from turnover and not on direct material showing concealment. The Tribunal noted that the underlying disallowance had itself been modified to an estimated profit rate, and applied the principle that concealment penalty is not exigible when income is determined merely by estimation. The penalty was deleted in favour of the assessee. Case-Laws Income Tax Mon, 03 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766833