2008 (9) TMI 987

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....JUDGMENT Ajay Tewari, J. The revenue is before this Court against the order dated 27-6-2005 of the Income-tax Appellate Tribunal, Chandigarh Bench allowing the appeal of the assessee against the orders dated 5-9-2002 passed by the Commissioner of Income-tax, and dated 16-5-2001 whereby a penalty under section 271(1)(c) of the Income-tax Act, 1961 was imposed upon the assessee. (1) T....

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....income had been made on the basis of an estimate but without bringing any material on record which could substantiate that there was a failure on the part of the assessee to return correct income due to fraud or wilful neglect or furnishing of inaccurate particulars of income. 3. This Court in CIT v. M.M. Rice Mills [2002] 253 ITR 17 held as follows :- "Merely because the addition had ....