Penalty under section 271 (1) c of the Income tax Act.

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CA KRISHNAKUMAR FCA

CA KRISHNAKUMAR FCA (Querist)
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15 May 2009 Is there any decision against penalty initiated against income estimated on assessment ??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.