https://www.taxtmi.com/caselaws?id=332773 The ITAT dismissed the revenue's appeals for assessment years 2005-06 and 2006-07, ruling that penalties imposed by the A.O. were unwarranted. Disallowances of labour expenses and suppressed turnover were made on estimated grounds without concrete evidence of concealment or inaccuracies, leading to the cancellation of penalties by the CIT(A) and subsequent affirmation by the ITAT. The decisions underscored the necessity for specific evidence in penalty proceedings distinct from assessment findings, referencing legal precedents to support this stance. en-us Fri, 12 Aug 2016 00:00:00 +0530 Mon, 26 Sep 2016 10:40:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332773 The ITAT dismissed the revenue's appeals for assessment years 2005-06 and 2006-07, ruling that penalties imposed by the A.O. were unwarranted. Disallowances of labour expenses and suppressed turnover were made on estimated grounds without concrete evidence of concealment or inaccuracies, leading to the cancellation of penalties by the CIT(A) and subsequent affirmation by the ITAT. The decisions underscored the necessity for specific evidence in penalty proceedings distinct from assessment findings, referencing legal precedents to support this stance. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332773