https://www.taxtmi.com/caselaws?id=248199 The ITAT upheld the deletion of the penalty amounting to Rs.5,43,426/- under section 271(1)(c) of the IT Act. The Tribunal ruled in favor of the assessee, emphasizing the lack of concrete evidence supporting the penalty imposition. The penalty was deemed unwarranted as the addition was based on estimation without proof of concealment, and the genuineness of the payment was acknowledged. The Tribunal affirmed the CIT(A)'s decision, citing past precedents and consistent rulings favoring the assessee in similar cases. The Revenue's appeal was dismissed due to the absence of grounds for penalty imposition. en-us Fri, 16 May 2014 00:00:00 +0530 Thu, 05 Jun 2014 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248199 The ITAT upheld the deletion of the penalty amounting to Rs.5,43,426/- under section 271(1)(c) of the IT Act. The Tribunal ruled in favor of the assessee, emphasizing the lack of concrete evidence supporting the penalty imposition. The penalty was deemed unwarranted as the addition was based on estimation without proof of concealment, and the genuineness of the payment was acknowledged. The Tribunal affirmed the CIT(A)'s decision, citing past precedents and consistent rulings favoring the assessee in similar cases. The Revenue's appeal was dismissed due to the absence of grounds for penalty imposition. Case-Laws Income Tax Fri, 16 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248199