https://www.taxtmi.com/caselaws?id=334430 The Tribunal set aside penalty orders under section 271(1)(c) for two assessment years, emphasizing the distinction between assessment and penalty proceedings. It ruled that penalties cannot be imposed solely on estimation basis without concrete evidence, citing legal precedents. The Tribunal allowed the appeals, providing relief to the assessees by overturning the penalty orders. en-us Fri, 30 Sep 2016 00:00:00 +0530 Fri, 11 Nov 2016 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334430 The Tribunal set aside penalty orders under section 271(1)(c) for two assessment years, emphasizing the distinction between assessment and penalty proceedings. It ruled that penalties cannot be imposed solely on estimation basis without concrete evidence, citing legal precedents. The Tribunal allowed the appeals, providing relief to the assessees by overturning the penalty orders. Case-Laws Income Tax Fri, 30 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334430