https://www.taxtmi.com/caselaws?id=239023 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) of the Income-tax Act, citing the lack of independent evidence for income concealment and reliance on income estimation. Emphasizing the need for substantial evidence, the Tribunal dismissed the Revenue's appeals, highlighting that penalties cannot be imposed solely based on estimated income without concrete proof of concealment. en-us Sat, 02 Mar 2013 00:00:00 +0530 Sun, 03 Nov 2013 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239023 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) of the Income-tax Act, citing the lack of independent evidence for income concealment and reliance on income estimation. Emphasizing the need for substantial evidence, the Tribunal dismissed the Revenue's appeals, highlighting that penalties cannot be imposed solely based on estimated income without concrete proof of concealment. Case-Laws Income Tax Sat, 02 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239023