https://www.taxtmi.com/caselaws?id=328346 The Tribunal allowed the appeals in both cases, overturning penalties imposed under Sections 271B and 271(1)(c) of the Income Tax Act. In the first case, the penalty under Section 271B was deleted as the unaccounted turnover was not recorded in the books due to missing sales bills. The second case saw the penalty under Section 271(1)(c) annulled since additions were based on estimations and income was voluntarily disclosed during the survey. The Tribunal emphasized penalties should not apply when turnover is below audit thresholds or when additions are estimated. en-us Fri, 29 Apr 2016 00:00:00 +0530 Wed, 01 Jun 2016 21:54:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328346 The Tribunal allowed the appeals in both cases, overturning penalties imposed under Sections 271B and 271(1)(c) of the Income Tax Act. In the first case, the penalty under Section 271B was deleted as the unaccounted turnover was not recorded in the books due to missing sales bills. The second case saw the penalty under Section 271(1)(c) annulled since additions were based on estimations and income was voluntarily disclosed during the survey. The Tribunal emphasized penalties should not apply when turnover is below audit thresholds or when additions are estimated. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328346