https://www.taxtmi.com/caselaws?id=234022 The ITAT allowed the appeal, canceling the penalty of Rs.1,75,000 imposed under section 271(1)(c) of the Income Tax Act. The ITAT held that since the addition was based on estimation and not due to deliberate concealment or furnishing inaccurate particulars of income, the penalty was not justified. The decision emphasized that penalties should only be imposed in cases of deliberate concealment or furnishing false information, which was not proven in this case. en-us Fri, 10 May 2013 00:00:00 +0530 Sat, 25 May 2013 17:55:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234022 The ITAT allowed the appeal, canceling the penalty of Rs.1,75,000 imposed under section 271(1)(c) of the Income Tax Act. The ITAT held that since the addition was based on estimation and not due to deliberate concealment or furnishing inaccurate particulars of income, the penalty was not justified. The decision emphasized that penalties should only be imposed in cases of deliberate concealment or furnishing false information, which was not proven in this case. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234022