Penalty under section 271 (1) c of the Income tax Act.
This query is : Resolved
CA KRISHNAKUMAR FCA
(Querist)
15 May 2009
Is there any decision against penalty initiated against income estimated on assessment ??
15 May 2009
Harigopal Singh V CIT (2002)258 ITR 85(Punj & Har).
Here, the assessee had not maintained accounts. Filed return on estimate basis. A.O.made his own estimate and assessed at a higher income and levied penalty u/s 271(1)(c). The court held that it could not be said that the assessee had concealed his income so as to attract penalty.
Here, the assessee had not maintained accounts. Filed return on estimate basis. A.O.made his own estimate and assessed at a higher income and levied penalty u/s 271(1)(c). The court held that it could not be said that the assessee had concealed his income so as to attract penalty.
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