2014 (10) TMI 985 - HC - Income Tax

Penalty under section 271(1)(c) - Addition had been sustained purely on estimate basis and no positive fact or finding had been had been found so as to even make the addition which was a pure guess work, no penalty under section 271(1)(c) of the Act could be said to be leviable on such guess work or estimation.

Summary

The Gujarat High Court directed the registry to place the matter along with Income Tax Reference No.139/1996 on 11th November 2014. (Case citation: 2014 (10) TMI 985 - Gujarat High Court)