https://www.taxtmi.com/caselaws?id=71113 The Tribunal ruled in favor of the assessee, emphasizing the importance of concrete evidence to establish the offense under section 271(1)(c) of the Income-tax Act, 1961. The decision underscored that mere discrepancies in estimates without clear proof of intentional wrongdoing do not warrant the imposition of penalties in tax matters. Consequently, the appeal was allowed, and the penalty of Rs. 17,502 imposed under section 271(1)(c) was canceled. en-us Mon, 08 Nov 1976 00:00:00 +0530 Thu, 21 Apr 2011 13:52:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71113 The Tribunal ruled in favor of the assessee, emphasizing the importance of concrete evidence to establish the offense under section 271(1)(c) of the Income-tax Act, 1961. The decision underscored that mere discrepancies in estimates without clear proof of intentional wrongdoing do not warrant the imposition of penalties in tax matters. Consequently, the appeal was allowed, and the penalty of Rs. 17,502 imposed under section 271(1)(c) was canceled. Case-Laws Income Tax Mon, 08 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71113