https://www.taxtmi.com/caselaws?id=262641 The High Court allowed the appeal, setting aside the Tribunal's order imposing a penalty under Section 271(1)(c) of the Income Tax Act. The Court emphasized that penalties should not be imposed without evidence of intentional wrongdoing or clear intention to suppress income. Differences between returns and estimates by authorities are common, and penalties should not be routine. The Court highlighted that interpretations can vary, leading to differences in income calculations. In this case, the Court found no elements indicating an intention to suppress income, leading to the setting aside of the penalty. en-us Wed, 17 Sep 2014 00:00:00 +0530 Mon, 17 Aug 2015 06:49:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262641 The High Court allowed the appeal, setting aside the Tribunal's order imposing a penalty under Section 271(1)(c) of the Income Tax Act. The Court emphasized that penalties should not be imposed without evidence of intentional wrongdoing or clear intention to suppress income. Differences between returns and estimates by authorities are common, and penalties should not be routine. The Court highlighted that interpretations can vary, leading to differences in income calculations. In this case, the Court found no elements indicating an intention to suppress income, leading to the setting aside of the penalty. Case-Laws Income Tax Wed, 17 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262641