https://www.taxtmi.com/caselaws?id=56527 Penalty under section 271(1)(c) was held unsustainable where the trading addition rested on estimation, since an estimated figure can involve an honest difference of opinion and does not, by itself, prove concealment. The cash credit was assessed as income for lack of proof of genuineness, but that finding did not establish concealment of income for the relevant year. An earlier observation on a capital account deposit was treated only as part of telescopic benefit and not as a finding of concealment. On that basis, the penalty was cancelled. en-us Tue, 09 Mar 1976 00:00:00 +0530 Sat, 04 Dec 2010 12:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56527 Penalty under section 271(1)(c) was held unsustainable where the trading addition rested on estimation, since an estimated figure can involve an honest difference of opinion and does not, by itself, prove concealment. The cash credit was assessed as income for lack of proof of genuineness, but that finding did not establish concealment of income for the relevant year. An earlier observation on a capital account deposit was treated only as part of telescopic benefit and not as a finding of concealment. On that basis, the penalty was cancelled. Case-Laws Income Tax Tue, 09 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56527