https://www.taxtmi.com/caselaws?id=271191 The Tribunal held that the penalty under section 271(1)(c) of the Income Tax Act was not justified in the case. The addition of unexplained investment was based on assumptions and estimations without concrete evidence, violating principles of natural justice. The Revenue's assumption of on-money payment lacked a clear nexus between cash deposits and alleged payments. The Tribunal emphasized that penalties cannot be imposed solely on assumptions and estimations, setting aside the penalty order and allowing the appeal of the assessee. en-us Fri, 30 Oct 2015 00:00:00 +0530 Wed, 27 Jan 2016 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271191 The Tribunal held that the penalty under section 271(1)(c) of the Income Tax Act was not justified in the case. The addition of unexplained investment was based on assumptions and estimations without concrete evidence, violating principles of natural justice. The Revenue's assumption of on-money payment lacked a clear nexus between cash deposits and alleged payments. The Tribunal emphasized that penalties cannot be imposed solely on assumptions and estimations, setting aside the penalty order and allowing the appeal of the assessee. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271191