https://www.taxtmi.com/caselaws?id=178926 The Tribunal allowed the Assessee's appeals against penalty orders under section 271(1)(c) for A.Y. 2004-05 and A.Y. 2005-06. For A.Y. 2004-05, discrepancies in evidence led to deletion of unaccounted investment addition, resulting in penalty deletion. For A.Y. 2005-06, penalty for undisclosed income related to a benami bank account was deleted as it was based on estimation without tangible material. The Tribunal emphasized penalties cannot stand if underlying additions are deleted or based on estimations lacking concrete evidence. en-us Fri, 05 Jul 2013 00:00:00 +0530 Tue, 16 Feb 2016 13:57:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178926 The Tribunal allowed the Assessee's appeals against penalty orders under section 271(1)(c) for A.Y. 2004-05 and A.Y. 2005-06. For A.Y. 2004-05, discrepancies in evidence led to deletion of unaccounted investment addition, resulting in penalty deletion. For A.Y. 2005-06, penalty for undisclosed income related to a benami bank account was deleted as it was based on estimation without tangible material. The Tribunal emphasized penalties cannot stand if underlying additions are deleted or based on estimations lacking concrete evidence. Case-Laws Income Tax Fri, 05 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178926