https://www.taxtmi.com/caselaws?id=796011 Penalty for concealment of income or furnishing inaccurate particulars cannot rest solely on an ad hoc profit-rate addition for alleged accommodation entries. Where the addition was restricted to a nominal estimated percentage and the assessee furnished supporting records, including financial statements, tax records, bank statements and stock register, no material established concealment or inaccurate particulars. Penalty under Section 271(1)(c) was therefore 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 of income or furnishing inaccurate particulars cannot rest solely on an ad hoc profit-rate addition for alleged accommodation entries. Where the addition was restricted to a nominal estimated percentage and the assessee furnished supporting records, including financial statements, tax records, bank statements and stock register, no material established concealment or inaccurate particulars. Penalty under Section 271(1)(c) was therefore set aside. Case-Laws Income Tax Mon, 27 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796011