https://www.taxtmi.com/caselaws?id=778552 HC held that penalty under s.271(1)(c) could not be sustained because the AO failed to form the requisite subjective satisfaction that the taxpayer had concealed income or furnished inaccurate particulars. The AO only made an ad-hoc estimation, accepted the sales records and invoices produced, and did not reject books or produce material establishing deliberate concealment. Given the penal nature of s.271(1)(c) and the absence of essential findings, penalty proceedings were impermissible and the assessee's appeal was allowed. en-us Tue, 16 Sep 2025 00:00:00 +0530 Mon, 13 Jul 2026 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778552 HC held that penalty under s.271(1)(c) could not be sustained because the AO failed to form the requisite subjective satisfaction that the taxpayer had concealed income or furnished inaccurate particulars. The AO only made an ad-hoc estimation, accepted the sales records and invoices produced, and did not reject books or produce material establishing deliberate concealment. Given the penal nature of s.271(1)(c) and the absence of essential findings, penalty proceedings were impermissible and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 16 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778552