https://www.taxtmi.com/caselaws?id=259945 The Tribunal upheld the decision of the First Appellate Authority to delete the penalty under section 271(1)(c) for furnishing inaccurate particulars of income. The penalty was imposed by the Assessing Officer based on estimation due to the absence of certain records, but the Tribunal ruled that penalties should not be levied solely on estimations without concrete evidence of inaccuracies. The judgment emphasized the significance of maintaining accurate records and disclosing material facts, ultimately dismissing the revenue's appeal against the deletion of the penalty. en-us Fri, 22 May 2015 00:00:00 +0530 Wed, 27 May 2015 06:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259945 The Tribunal upheld the decision of the First Appellate Authority to delete the penalty under section 271(1)(c) for furnishing inaccurate particulars of income. The penalty was imposed by the Assessing Officer based on estimation due to the absence of certain records, but the Tribunal ruled that penalties should not be levied solely on estimations without concrete evidence of inaccuracies. The judgment emphasized the significance of maintaining accurate records and disclosing material facts, ultimately dismissing the revenue's appeal against the deletion of the penalty. Case-Laws Income Tax Fri, 22 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259945