1981 (6) TMI 67 - AT - Income Tax

Summary

The appeal is against a penalty of Rs. 18,000 imposed under s. 271(1)(C) by the IAC for the asst. yr. 1975-76. The Tribunal upheld the turnover estimate but directed acceptance of the gross profit as returned. The penalty was imposed based on an alleged admission of sales suppression, but the Tribunal found no concealment and canceled the penalty.