https://www.taxtmi.com/caselaws?id=462229 Penalty for concealment under section 271(1)(c) could not be sustained where the addition was made only on estimated income and no concrete finding showed concealment or furnishing of inaccurate particulars. The ITAT held that an ad hoc or presumptive assessment, by itself, does not establish the elements required for levy of concealment penalty, so the penalty was deleted and the order was set aside in favour of the assessee. en-us Wed, 15 Jan 2025 00:00:00 +0530 Mon, 02 Jun 2025 19:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462229 Penalty for concealment under section 271(1)(c) could not be sustained where the addition was made only on estimated income and no concrete finding showed concealment or furnishing of inaccurate particulars. The ITAT held that an ad hoc or presumptive assessment, by itself, does not establish the elements required for levy of concealment penalty, so the penalty was deleted and the order was set aside in favour of the assessee. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462229