No penalty for concealment of Income on additions based on estimation of income

HIGH COURT OF MADRAS Commissioner of Income-tax,Ward IV (1),Chennai versus P. Rojes TAX CASE (APPEAL) NO. 341 OF 2010 FEBRUARY 5, 2013 JUDGMENT K. Ravichandrabaabu, J. The Revenue is on appeal against the order passed by the Tribunal in ITA.No. 531/Mds/2009 dated 05.10.2009, for the relevant assessment year 2005-2006 by raising the following substantial question of law:- “Whether on the facts and circumstances of the case, the Tribunal was right in cancelling the penalty contrary to the law laid down in 306 ITR 277 by the Apex Court?” 2. The assessee, is an indi...