https://www.taxtmi.com/caselaws?id=335043 The Tribunal ruled in favor of the assessee, directing the deletion of penalties imposed under section 271(1)(c) for assessment years 2002-03, 2003-04, 2004-05, and 2008-09. The Tribunal found that since the income estimation was significantly reduced, and the difference between the declared income and estimated income was minimal, there was no concealment of income or furnishing of inaccurate particulars. Therefore, the penalties were not justified, and the appeals of the assessee were allowed. en-us Thu, 29 Sep 2016 00:00:00 +0530 Fri, 25 Nov 2016 10:46:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335043 The Tribunal ruled in favor of the assessee, directing the deletion of penalties imposed under section 271(1)(c) for assessment years 2002-03, 2003-04, 2004-05, and 2008-09. The Tribunal found that since the income estimation was significantly reduced, and the difference between the declared income and estimated income was minimal, there was no concealment of income or furnishing of inaccurate particulars. Therefore, the penalties were not justified, and the appeals of the assessee were allowed. Case-Laws Income Tax Thu, 29 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335043