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2010 (10) TMI 515 - AT - Income TaxPenalty under section 271(1)(c) of the Income-tax Act, 1961 in respect of profit computed on an estimate basis - assessee was maintaining two sets of books, one was meant for showing income-tax authorities and the other for himself - In the second set, he is recording sales and certain expenses - addition has been made which has been confirmed up to the ITAT - modus operandi do indicate that it is not the case of simplicitor estimation of the income by disbelieving the books of account or other details submitted by an assessee during the course of assessment proceedings - CIT (Appeals) has rightly confirmed the penalty – Appeal dismissed
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