https://www.taxtmi.com/caselaws?id=69758 The Income Tax Appellate Tribunal (ITAT) canceled the penalty of Rs. 67,500 imposed under section 271(1)(c) of the IT Act, 1961 by the Income-tax Appellate Commissioner (IAC). The tribunal found that there was no positive evidence of deliberate concealment or neglect by the assessee, and the income estimate of Rs. 75,000 lacked material support. As a result, the penalty was deemed unjustified, and the appeal was allowed due to the absence of substantial evidence supporting the penalty under section 271(1)(c) in the case. en-us Fri, 07 Mar 1980 00:00:00 +0530 Mon, 11 Apr 2011 18:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69758 The Income Tax Appellate Tribunal (ITAT) canceled the penalty of Rs. 67,500 imposed under section 271(1)(c) of the IT Act, 1961 by the Income-tax Appellate Commissioner (IAC). The tribunal found that there was no positive evidence of deliberate concealment or neglect by the assessee, and the income estimate of Rs. 75,000 lacked material support. As a result, the penalty was deemed unjustified, and the appeal was allowed due to the absence of substantial evidence supporting the penalty under section 271(1)(c) in the case. Case-Laws Income Tax Fri, 07 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69758