https://www.taxtmi.com/caselaws?id=327782 The ITAT deleted the penalty confirmed by the CIT(A) and dismissed the revenue's appeal. It held that the penalty under Section 271(1)(c) could not be imposed based on income estimation, emphasizing the necessity of the AO recording satisfaction before initiating penalty proceedings. The ITAT found the assessee's explanations bona fide and supported by evidence, concluding that discrepancies were adequately explained. en-us Tue, 12 Apr 2016 00:00:00 +0530 Thu, 19 May 2016 10:24:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327782 The ITAT deleted the penalty confirmed by the CIT(A) and dismissed the revenue's appeal. It held that the penalty under Section 271(1)(c) could not be imposed based on income estimation, emphasizing the necessity of the AO recording satisfaction before initiating penalty proceedings. The ITAT found the assessee's explanations bona fide and supported by evidence, concluding that discrepancies were adequately explained. Case-Laws Income Tax Tue, 12 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327782