https://www.taxtmi.com/caselaws?id=179160 The Tribunal upheld the cancellation of a penalty under section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 2003-04. The Revenue's appeal against the cancellation of the penalty amounting to Rs. 58,38,720 was dismissed. The Tribunal found that the additions made were on an estimated basis and there was no concealment of income by the assessee, leading to the decision to cancel the penalty. The judgment was pronounced on 18.06.2010. en-us Fri, 18 Jun 2010 00:00:00 +0530 Mon, 22 Feb 2016 14:39:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179160 The Tribunal upheld the cancellation of a penalty under section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 2003-04. The Revenue's appeal against the cancellation of the penalty amounting to Rs. 58,38,720 was dismissed. The Tribunal found that the additions made were on an estimated basis and there was no concealment of income by the assessee, leading to the decision to cancel the penalty. The judgment was pronounced on 18.06.2010. Case-Laws Income Tax Fri, 18 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179160