https://www.taxtmi.com/caselaws?id=236334 The Tribunal upheld the CIT (A)'s direction to estimate the profit of the assessee from the liquor business at 5% of the sales turnover for the assessment years 2007-08 and 2008-09. The Tribunal dismissed the department's appeals, confirming the CIT (A)'s order. Additionally, the Tribunal upheld the deletion of penalties imposed under Section 271(1)(c) for assessment years 2002-03 to 2006-07, emphasizing that profit estimation alone does not justify penalty imposition without evidence of a conscious attempt to conceal income or furnish inaccurate particulars. The Tribunal found the department's cited decisions inapplicable and confirmed the CIT (A)'s order. en-us Fri, 12 Jul 2013 00:00:00 +0530 Tue, 06 Aug 2013 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236334 The Tribunal upheld the CIT (A)'s direction to estimate the profit of the assessee from the liquor business at 5% of the sales turnover for the assessment years 2007-08 and 2008-09. The Tribunal dismissed the department's appeals, confirming the CIT (A)'s order. Additionally, the Tribunal upheld the deletion of penalties imposed under Section 271(1)(c) for assessment years 2002-03 to 2006-07, emphasizing that profit estimation alone does not justify penalty imposition without evidence of a conscious attempt to conceal income or furnish inaccurate particulars. The Tribunal found the department's cited decisions inapplicable and confirmed the CIT (A)'s order. Case-Laws Income Tax Fri, 12 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236334