https://www.taxtmi.com/caselaws?id=254372 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. It was concluded that as the addition to income was made on an estimate basis after rejecting the books of account, and no positive act of concealment was proven, the penalty was not justified. The Tribunal dismissed the Revenue's appeal, confirming that penalties cannot be levied on estimated additions without evidence of concealment. en-us Tue, 16 Dec 2014 00:00:00 +0530 Thu, 18 Dec 2014 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254372 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. It was concluded that as the addition to income was made on an estimate basis after rejecting the books of account, and no positive act of concealment was proven, the penalty was not justified. The Tribunal dismissed the Revenue's appeal, confirming that penalties cannot be levied on estimated additions without evidence of concealment. Case-Laws Income Tax Tue, 16 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254372