https://www.taxtmi.com/caselaws?id=333670 The Tribunal allowed the appeals of the assessee concerning penalties under section 271(1)(c) of the Income Tax Act. The penalties were imposed on an estimate basis for furnishing inaccurate particulars of income related to unaccounted cash expenditure. The Tribunal ruled in favor of the assessee, emphasizing the necessity of concrete evidence for penalty imposition and distinguishing between income estimation and direct proof. Consequently, the penalties imposed by the lower authorities were deleted for both assessment years. en-us Tue, 30 Aug 2016 00:00:00 +0530 Thu, 20 Oct 2016 19:09:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333670 The Tribunal allowed the appeals of the assessee concerning penalties under section 271(1)(c) of the Income Tax Act. The penalties were imposed on an estimate basis for furnishing inaccurate particulars of income related to unaccounted cash expenditure. The Tribunal ruled in favor of the assessee, emphasizing the necessity of concrete evidence for penalty imposition and distinguishing between income estimation and direct proof. Consequently, the penalties imposed by the lower authorities were deleted for both assessment years. Case-Laws Income Tax Tue, 30 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333670