https://www.taxtmi.com/caselaws?id=335962 The Tribunal held that the penalty of Rs. 29,05,775/- under Section 271(1)(c) of the IT Act was unjustified as it was based on estimated additions without concrete evidence of concealment. The penalty was deleted, and the appeal by the assessee was allowed on 25/11/2016. The Tribunal emphasized that penalties cannot be levied solely on estimated additions without proof of deliberate concealment or inaccuracy, referencing past case laws. en-us Fri, 25 Nov 2016 00:00:00 +0530 Tue, 13 Dec 2016 12:19:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335962 The Tribunal held that the penalty of Rs. 29,05,775/- under Section 271(1)(c) of the IT Act was unjustified as it was based on estimated additions without concrete evidence of concealment. The penalty was deleted, and the appeal by the assessee was allowed on 25/11/2016. The Tribunal emphasized that penalties cannot be levied solely on estimated additions without proof of deliberate concealment or inaccuracy, referencing past case laws. Case-Laws Income Tax Fri, 25 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335962