https://www.taxtmi.com/caselaws?id=71119 The ITAT affirmed the AAC's decision to cancel the penalty imposed under section 271(1)(c) of the IT Act, 1961 on the assessee, a foodgrain wholesale business. The ITAT found that the penalty was unjustified as the ITO failed to establish wilful neglect or fraud, relying solely on income estimation discrepancies. The ITAT emphasized the lack of evidence of dishonest intent and noted that differences in estimates were common. Ultimately, the appeal by the Department was dismissed, upholding the cancellation of the penalty. en-us Thu, 03 Nov 1977 00:00:00 +0530 Thu, 21 Apr 2011 14:53:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71119 The ITAT affirmed the AAC's decision to cancel the penalty imposed under section 271(1)(c) of the IT Act, 1961 on the assessee, a foodgrain wholesale business. The ITAT found that the penalty was unjustified as the ITO failed to establish wilful neglect or fraud, relying solely on income estimation discrepancies. The ITAT emphasized the lack of evidence of dishonest intent and noted that differences in estimates were common. Ultimately, the appeal by the Department was dismissed, upholding the cancellation of the penalty. Case-Laws Income Tax Thu, 03 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71119