https://www.taxtmi.com/caselaws?id=221498 The High Court upheld the Tribunal's decision to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act, for the assessment year 2005-2006. The Court ruled that penalties cannot be imposed solely based on income estimation without clear evidence of concealment or inaccurate particulars. The Revenue's appeal was dismissed, emphasizing the necessity of establishing clear evidence for penalties under the mentioned section. The Court highlighted the importance of proving concealment or inaccuracies for penalty imposition, ultimately ruling against the Revenue and affirming the cancellation of the penalty. en-us Tue, 05 Feb 2013 00:00:00 +0530 Sat, 26 Oct 2013 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221498 The High Court upheld the Tribunal's decision to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act, for the assessment year 2005-2006. The Court ruled that penalties cannot be imposed solely based on income estimation without clear evidence of concealment or inaccurate particulars. The Revenue's appeal was dismissed, emphasizing the necessity of establishing clear evidence for penalties under the mentioned section. The Court highlighted the importance of proving concealment or inaccuracies for penalty imposition, ultimately ruling against the Revenue and affirming the cancellation of the penalty. Case-Laws Income Tax Tue, 05 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221498