Jumabhai Premchand HUF Vs. CIT (2000) 243 ITR 812 (Guj.)- held penalty u/s 271(1)(c) not be imposed on the basis of estimated addition on account of low drawings.
In M.N. Irani and Mrs. M.N. Irani vs. ACIT 75 Taxman 129 (Bom) (Mag) it was held by the Bombay Tribunal that where the Tribunal confirmed part of the addition based on mere circumstantial evidence, levy of penalty is not justified.
Babulal Chachan Vs. ITO (ITN 401/JU/(2001-02) 9-9-2005.