https://www.taxtmi.com/caselaws?id=336544 The Tribunal allowed the appeal, canceling the penalty of Rs. 5,04,710 imposed under Section 271(1)(c) of the Income Tax Act. The penalty was deemed unjustified as it was based on estimated income without concrete evidence of concealment. Additionally, the penalty notice lacked specificity in detailing the exact charge of either concealment of income or furnishing inaccurate particulars. The Tribunal emphasized the need for concrete evidence and specific charges in penalty notices, ultimately annulling the penalty. en-us Wed, 21 Dec 2016 00:00:00 +0530 Fri, 23 Dec 2016 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336544 The Tribunal allowed the appeal, canceling the penalty of Rs. 5,04,710 imposed under Section 271(1)(c) of the Income Tax Act. The penalty was deemed unjustified as it was based on estimated income without concrete evidence of concealment. Additionally, the penalty notice lacked specificity in detailing the exact charge of either concealment of income or furnishing inaccurate particulars. The Tribunal emphasized the need for concrete evidence and specific charges in penalty notices, ultimately annulling the penalty. Case-Laws Income Tax Wed, 21 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336544