https://www.taxtmi.com/caselaws?id=796011 Penalty for concealment or furnishing inaccurate particulars cannot rest solely on an ad hoc profit-rate addition relating to accommodation entries where no material establishes concealment or inaccurate disclosure. The notes state that the addition was restricted to a 1% estimate, while the assessee had produced supporting financial records, tax information, bank statements and stock records. On that basis, penalty under Section 271(1)(c) was treated as unsustainable and set aside. en-us Mon, 27 Jul 2026 00:00:00 +0530 Thu, 30 Jul 2026 08:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796011 Penalty for concealment or furnishing inaccurate particulars cannot rest solely on an ad hoc profit-rate addition relating to accommodation entries where no material establishes concealment or inaccurate disclosure. The notes state that the addition was restricted to a 1% estimate, while the assessee had produced supporting financial records, tax information, bank statements and stock records. On that basis, penalty under Section 271(1)(c) was treated as unsustainable and set aside. Case-Laws Income Tax Mon, 27 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796011