No penalty u/s 271(1)(c) merely because books of account rejected and profit estimated on basis of fair gross profit ratio

0 comments Sunday, April 21, 2013


High Court of Gujarat in CIT vs Whitelene Chemicals uphled the order of ITAT deleting the penalty u/s 271(1)(c) which was imposed merely because books of account maintained by assessee were rejected and its profit was estimated on basis of fair gross profit ratio.
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