First Income Tax Officer vs P. Palaniswamy

Authority: ITAT Tribunal/Court: Madras Date: 1986-03-31 AY: 1977-78 Section: 271(1)(c) Acts: Income Tax Act 1961 Result: Revenue Citation: (1986) 26 TTJ (MAD) 42 : 16 ITD 529 Justices: D.S. Meenakshisundaram, J.M. & G.R. Raghavan, A.M. Appeal No: ITA. Nos. 2962 to 2966/Mad/84, Asst. yrs. 1974-75 to 1978-79
Whether penalty under section 271(1)(c) of the Income Tax Act 1961 is leviable for additions made to income based on estimates and deeming provisions, where the assessee claims the income belongs to his Hindu Undivided Family (HUF) and not to him individually --- Held No.

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