https://www.taxtmi.com/caselaws?id=266355 The ITAT allowed the assessee's appeal, following the decision of the Hon'ble Gujarat High Court and canceling the penalty under section 271(1)(c) of the Income-tax Act. The Tribunal held that penalties cannot be imposed solely based on income estimation without additional evidence and found no support for the Revenue's claim that the income should be higher than disclosed by the assessee. The penalty was deemed unjustified due to the service-oriented nature of the extra work without a profit motive. en-us Fri, 19 Jun 2015 00:00:00 +0530 Mon, 19 Oct 2015 20:35:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266355 The ITAT allowed the assessee's appeal, following the decision of the Hon'ble Gujarat High Court and canceling the penalty under section 271(1)(c) of the Income-tax Act. The Tribunal held that penalties cannot be imposed solely based on income estimation without additional evidence and found no support for the Revenue's claim that the income should be higher than disclosed by the assessee. The penalty was deemed unjustified due to the service-oriented nature of the extra work without a profit motive. Case-Laws Income Tax Fri, 19 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266355