Mere rejection of Books of A/c and estimation of Profit cannot be ground for concealment penalty

HIGH COURT OF GUJARAT Commissioner of Income-tax versus Whitelene Chemicals TAX APPEAL NO. 496 OF 2012 JANUARY 15, 2013 ORDER Akil Kureshi, J. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal (“the Tribunal” for short) dated 3.2.2012 raising following question for our consideration : “Whether on the facts and circumstances of the case, the Hon’ble Tribunal has erred in law in cancelling penalty of Rs. 32,67,643/- levied under Section 271(1)(c) of the Act by the Assessing Officer and confirmed by the learned CIT(A) on add...