https://www.taxtmi.com/caselaws?id=328503 The ITAT ruled in favor of the assessee, upholding the CIT(A)'s deletion of the penalty under section 271(1)(c) of the Income Tax Act. The penalty was deemed time-barred under section 275(1)(a) and not applicable in cases of income estimation. The ITAT emphasized the independence of assessment and penalty proceedings, dismissing the Revenue's appeal and affirming the decision based on the nature of income estimation involved. en-us Fri, 06 May 2016 00:00:00 +0530 Mon, 06 Jun 2016 12:08:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328503 The ITAT ruled in favor of the assessee, upholding the CIT(A)'s deletion of the penalty under section 271(1)(c) of the Income Tax Act. The penalty was deemed time-barred under section 275(1)(a) and not applicable in cases of income estimation. The ITAT emphasized the independence of assessment and penalty proceedings, dismissing the Revenue's appeal and affirming the decision based on the nature of income estimation involved. Case-Laws Income Tax Fri, 06 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328503