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2012 (7) TMI 131 - AT - Income TaxPenalty u/s. 271(1)(c) of the IT Act – AO determined the profit from sale of country liquor in the absence of sale bills - assessee submitted before the AO that all expenses except freight in the trading account are paid to Excise Department and are verifiable and stock register and sale price are checked by the Excise Authorities - estimate of income by applying higher sales and higher gross profit by the AO – Held that:- When the income of the assessee is estimated, there cannot be a case of concealment of income or filing inaccurate particulars of income - assessee disclosed all particulars in the return of income and at the assessment stage, therefore, merely on estimate of income, penalty is not leviable – In favor of assessee
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