2002 (8) TMI 65 - HC - Income Tax

Whether penalty is attracted under section 271(1)(c) of the Act where income is assessed purely on estimate basis and additions are made in the declared income on that basis. - the appeal is allowed and the question posed in the earlier part of the order is answered in the negative holding that the provisions of section 271(1)(c) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis