https://www.taxtmi.com/caselaws?id=175215 The Tribunal dismissed both the appeals, confirming the penalty on suppressed receipts but deleting the penalty on estimation of profits. Emphasizing the importance of bonafide claims and deliberate default for penalty imposition under section 271(1)(c) of the Income-tax Act, 1961, the judgment highlighted that a mere claim not accepted by the revenue does not attract penalty. The Tribunal considered the bonafide nature of the claim and focused on deliberate default rather than mere mistakes for penalty imposition. en-us Wed, 25 Sep 2013 00:00:00 +0530 Sat, 05 Nov 2016 22:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175215 The Tribunal dismissed both the appeals, confirming the penalty on suppressed receipts but deleting the penalty on estimation of profits. Emphasizing the importance of bonafide claims and deliberate default for penalty imposition under section 271(1)(c) of the Income-tax Act, 1961, the judgment highlighted that a mere claim not accepted by the revenue does not attract penalty. The Tribunal considered the bonafide nature of the claim and focused on deliberate default rather than mere mistakes for penalty imposition. Case-Laws Income Tax Wed, 25 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175215