https://www.taxtmi.com/caselaws?id=265304 The Tribunal held that the penalty under section 271(1)(c) of the Income Tax Act was not applicable as the additions were based on estimates, not concealment of income. Relying on precedents from higher courts, the Tribunal directed the Assessing Officer to delete the penalty, revoking it and allowing the appeal by the assessee. en-us Wed, 27 Aug 2014 00:00:00 +0530 Sat, 10 Oct 2015 06:37:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265304 The Tribunal held that the penalty under section 271(1)(c) of the Income Tax Act was not applicable as the additions were based on estimates, not concealment of income. Relying on precedents from higher courts, the Tribunal directed the Assessing Officer to delete the penalty, revoking it and allowing the appeal by the assessee. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265304