https://www.taxtmi.com/caselaws?id=187973 The High Court dismissed the income tax appeal challenging a penalty imposed under Section 271(1)(c) of the Income Tax Act. The Appellate Authority and Tribunal found the penalty unjustified as it was based on estimations without concrete evidence of deliberate concealment or inaccurate particulars. The judgment emphasizes the necessity of substantial proof before imposing penalties, highlighting the importance of factual findings over estimations in penalty assessments under the Income Tax Act. en-us Mon, 19 Mar 2012 00:00:00 +0530 Mon, 10 Jul 2017 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187973 The High Court dismissed the income tax appeal challenging a penalty imposed under Section 271(1)(c) of the Income Tax Act. The Appellate Authority and Tribunal found the penalty unjustified as it was based on estimations without concrete evidence of deliberate concealment or inaccurate particulars. The judgment emphasizes the necessity of substantial proof before imposing penalties, highlighting the importance of factual findings over estimations in penalty assessments under the Income Tax Act. Case-Laws Income Tax Mon, 19 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187973