https://www.taxtmi.com/caselaws?id=216554 The Tribunal allowed the appeal of the assessee, canceling the penalty of Rs.1,16,000 levied under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the findings that the estimation made by the Assessing Officer and sustained by the Tribunal did not indicate any concealment of income, especially considering the agricultural nature of the income involved. en-us Fri, 29 Jun 2012 00:00:00 +0530 Thu, 30 Aug 2012 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216554 The Tribunal allowed the appeal of the assessee, canceling the penalty of Rs.1,16,000 levied under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the findings that the estimation made by the Assessing Officer and sustained by the Tribunal did not indicate any concealment of income, especially considering the agricultural nature of the income involved. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216554