https://www.taxtmi.com/highlights?id=21420 Penalty imposed u/s 271(1)(c) read with section 274 - It may be a good case for quantum addition but not for imposing penalty. Estimation is outcome of subjective approach of the individual. If we sustain the part penalty even after a huge surrender made by the assessee then the faith of the assessee will shake. Penalty deleted. - AT en-us Wed, 14 Jan 2015 12:16:05 +0530 Wed, 14 Jan 2015 12:16:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=21420 Penalty imposed u/s 271(1)(c) read with section 274 - It may be a good case for quantum addition but not for imposing penalty. Estimation is outcome of subjective approach of the individual. If we sustain the part penalty even after a huge surrender made by the assessee then the faith of the assessee will shake. Penalty deleted. - AT Highlights Income Tax Wed, 14 Jan 2015 12:16:05 +0530 https://www.taxtmi.com/highlights?id=21420