https://www.taxtmi.com/caselaws?id=262921 The Tribunal allowed the Assessee's appeal, directing the deletion of penalties imposed on both the low Gross Profit addition and the disallowance of depreciation on the computer. The Tribunal emphasized the Assessee's genuine claims, lack of evidence due to uncontrollable factors like a flood, and the distinction between quantum and penalty proceedings. The decision was based on principles of estimation, lack of concealment, and bonafide claims supported by legal precedents, ultimately leading to the deletion of the penalties. en-us Fri, 14 Aug 2015 00:00:00 +0530 Sat, 22 Aug 2015 07:53:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262921 The Tribunal allowed the Assessee's appeal, directing the deletion of penalties imposed on both the low Gross Profit addition and the disallowance of depreciation on the computer. The Tribunal emphasized the Assessee's genuine claims, lack of evidence due to uncontrollable factors like a flood, and the distinction between quantum and penalty proceedings. The decision was based on principles of estimation, lack of concealment, and bonafide claims supported by legal precedents, ultimately leading to the deletion of the penalties. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262921