https://www.taxtmi.com/caselaws?id=180493 The Tribunal canceled the penalties imposed under Section 271(1)(c) of the Income Tax Act in both cases, ruling that penalties cannot be levied solely based on income estimation without concrete evidence of concealment or inaccurate particulars. The assessees' appeals were allowed, and the Tribunal emphasized that the surrender of additional income was not an admission of filing inaccurate particulars but done for peace due to non-maintenance of certain documents. en-us Wed, 14 Aug 2013 00:00:00 +0530 Wed, 21 Dec 2016 15:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180493 The Tribunal canceled the penalties imposed under Section 271(1)(c) of the Income Tax Act in both cases, ruling that penalties cannot be levied solely based on income estimation without concrete evidence of concealment or inaccurate particulars. The assessees' appeals were allowed, and the Tribunal emphasized that the surrender of additional income was not an admission of filing inaccurate particulars but done for peace due to non-maintenance of certain documents. Case-Laws Income Tax Wed, 14 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180493