https://www.taxtmi.com/caselaws?id=179051 The Appellate Tribunal upheld the CIT (A)'s decision to delete a penalty of Rs. 35,00,000 under section 271(1)(c) for the assessment year 2008-2009. The Tribunal emphasized the lack of concrete evidence of concealment or inaccurate particulars, the reliance on estimates for additions, and the absence of sufficient grounds for penalty imposition. It was concluded that penalties should not be imposed solely on an estimate basis without substantial evidence, and the assessee had successfully demonstrated the absence of malafide intent, leading to the dismissal of the Revenue's appeal. en-us Fri, 13 Jun 2014 00:00:00 +0530 Fri, 19 Feb 2016 10:12:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179051 The Appellate Tribunal upheld the CIT (A)'s decision to delete a penalty of Rs. 35,00,000 under section 271(1)(c) for the assessment year 2008-2009. The Tribunal emphasized the lack of concrete evidence of concealment or inaccurate particulars, the reliance on estimates for additions, and the absence of sufficient grounds for penalty imposition. It was concluded that penalties should not be imposed solely on an estimate basis without substantial evidence, and the assessee had successfully demonstrated the absence of malafide intent, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Fri, 13 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179051