https://www.taxtmi.com/caselaws?id=241903 The Tribunal upheld penalties on the income declared by the assessee in response to the notice under section 148 but not on the estimated income by the AO. The penalties were directed to be levied based on the income declared in the returns filed by the assessee, as the AO's estimation lacked a solid basis and could not be deemed as concealed income. The appeals for the assessment years 2007-2008 and 2008-2009 were partly allowed for statistical purposes, instructing the AO to rework and impose minimum penalties based on the declared income. en-us Tue, 31 Dec 2013 00:00:00 +0530 Fri, 03 Jan 2014 19:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241903 The Tribunal upheld penalties on the income declared by the assessee in response to the notice under section 148 but not on the estimated income by the AO. The penalties were directed to be levied based on the income declared in the returns filed by the assessee, as the AO's estimation lacked a solid basis and could not be deemed as concealed income. The appeals for the assessment years 2007-2008 and 2008-2009 were partly allowed for statistical purposes, instructing the AO to rework and impose minimum penalties based on the declared income. Case-Laws Income Tax Tue, 31 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241903