https://www.taxtmi.com/caselaws?id=248466 The Income Tax Appellate Tribunal (ITAT) dismissed the department's appeals and affirmed the deletion of penalties under section 271(1)(c) of the Income Tax Act for the assessment years 2000-01 to 2004-05. The ITAT held that the disallowance of commission payments was not indicative of concealment or inaccurate particulars of income, as it was based on estimation and material provided by the assessee. The ITAT emphasized that penalties cannot be imposed solely based on estimation differences without evidence of willful or gross negligence, ultimately canceling the penalties for all the assessment years in question. en-us Wed, 28 May 2014 00:00:00 +0530 Fri, 13 Jun 2014 09:59:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248466 The Income Tax Appellate Tribunal (ITAT) dismissed the department's appeals and affirmed the deletion of penalties under section 271(1)(c) of the Income Tax Act for the assessment years 2000-01 to 2004-05. The ITAT held that the disallowance of commission payments was not indicative of concealment or inaccurate particulars of income, as it was based on estimation and material provided by the assessee. The ITAT emphasized that penalties cannot be imposed solely based on estimation differences without evidence of willful or gross negligence, ultimately canceling the penalties for all the assessment years in question. Case-Laws Income Tax Wed, 28 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248466