https://www.taxtmi.com/caselaws?id=181180 The ITAT canceled the penalty imposed under section 271(1)(c) of the IT Act due to estimated sales and income without proper documentation. The Tribunal held that penalty cannot be imposed solely based on income estimation without concrete evidence, referencing relevant court decisions. The appeal was allowed, and the penalty was canceled as the assessee had disclosed all income particulars despite the lack of supporting documents. en-us Fri, 28 Jun 2013 00:00:00 +0530 Fri, 08 Apr 2016 18:19:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181180 The ITAT canceled the penalty imposed under section 271(1)(c) of the IT Act due to estimated sales and income without proper documentation. The Tribunal held that penalty cannot be imposed solely based on income estimation without concrete evidence, referencing relevant court decisions. The appeal was allowed, and the penalty was canceled as the assessee had disclosed all income particulars despite the lack of supporting documents. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181180