https://www.taxtmi.com/caselaws?id=71073 The Tribunal overturned the penalty imposed by the Income Tax Officer and the Appellate Assistant Commissioner, ruling in favor of the assessee. The Tribunal emphasized that penalties cannot be imposed based on conjectures and surmises, highlighting the Department's burden of proof to demonstrate the estimate was false. As the estimate was filed with the Department and no evidence indicated its falsity, the penalty order was canceled, granting full relief to the assessee. en-us Wed, 15 Apr 1981 00:00:00 +0530 Thu, 21 Apr 2011 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71073 The Tribunal overturned the penalty imposed by the Income Tax Officer and the Appellate Assistant Commissioner, ruling in favor of the assessee. The Tribunal emphasized that penalties cannot be imposed based on conjectures and surmises, highlighting the Department's burden of proof to demonstrate the estimate was false. As the estimate was filed with the Department and no evidence indicated its falsity, the penalty order was canceled, granting full relief to the assessee. Case-Laws Income Tax Wed, 15 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71073