https://www.taxtmi.com/caselaws?id=268127 The Tribunal ruled that no penalty could be imposed under section 271(1)(c) for the assessment years 2002-03 to 2008-09. The penalty for the year 2002-03 was removed due to lack of corroborating factual evidence for the peak investment. For the years 2003-04 to 2008-09, penalties were annulled as the gross profit additions were estimated without concrete evidence. The appeals for all years were allowed, and penalties were canceled. en-us Mon, 05 Oct 2015 00:00:00 +0530 Fri, 20 Nov 2015 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268127 The Tribunal ruled that no penalty could be imposed under section 271(1)(c) for the assessment years 2002-03 to 2008-09. The penalty for the year 2002-03 was removed due to lack of corroborating factual evidence for the peak investment. For the years 2003-04 to 2008-09, penalties were annulled as the gross profit additions were estimated without concrete evidence. The appeals for all years were allowed, and penalties were canceled. Case-Laws Income Tax Mon, 05 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268127