https://www.taxtmi.com/caselaws?id=214322 The appeals challenging the confirmation of penalties under Section 271(1)(c) of the Income Tax Act were allowed. The penalties were deleted as the Tribunal found that the additions leading to the penalties were based on estimations and differences of opinion, not concealment of income. The Tribunal concluded that the facts and figures were disclosed by the assessees, and the penalties were not justified. The Accountant Member's view that the penalties were warranted due to the assessee's conduct was not upheld, and the majority decision led to the deletion of the penalties. en-us Wed, 25 Jan 2012 00:00:00 +0530 Sat, 16 Apr 2016 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214322 The appeals challenging the confirmation of penalties under Section 271(1)(c) of the Income Tax Act were allowed. The penalties were deleted as the Tribunal found that the additions leading to the penalties were based on estimations and differences of opinion, not concealment of income. The Tribunal concluded that the facts and figures were disclosed by the assessees, and the penalties were not justified. The Accountant Member's view that the penalties were warranted due to the assessee's conduct was not upheld, and the majority decision led to the deletion of the penalties. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214322