https://www.taxtmi.com/caselaws?id=206532 The Tribunal concluded that the penalty under Section 271(1)(c) was not justified as the additions were sustained on estimates and probabilities, leading to the cancellation of the penalty related to jewellery and construction expenses. The appeal was partly allowed, and the penalty of Rs. 2,49,150 was set aside. en-us Tue, 30 Nov 2010 00:00:00 +0530 Mon, 25 Jul 2011 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206532 The Tribunal concluded that the penalty under Section 271(1)(c) was not justified as the additions were sustained on estimates and probabilities, leading to the cancellation of the penalty related to jewellery and construction expenses. The appeal was partly allowed, and the penalty of Rs. 2,49,150 was set aside. Case-Laws Income Tax Tue, 30 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206532