https://www.taxtmi.com/caselaws?id=337477 The Tribunal allowed the appeal, ruling in favor of the Assessee by quashing the penalty levy. It emphasized the distinction between assessment and penalty proceedings, stating that agreeing to additions to income does not imply concealment. The Tribunal found the penalty imposition unjustified, considering the nature of the additions made on an estimated basis. Citing legal precedents, it concluded that the penalty levy was unwarranted, deleting the penalty imposed by the authorities. en-us Mon, 26 Dec 2016 00:00:00 +0530 Fri, 06 Jan 2017 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337477 The Tribunal allowed the appeal, ruling in favor of the Assessee by quashing the penalty levy. It emphasized the distinction between assessment and penalty proceedings, stating that agreeing to additions to income does not imply concealment. The Tribunal found the penalty imposition unjustified, considering the nature of the additions made on an estimated basis. Citing legal precedents, it concluded that the penalty levy was unwarranted, deleting the penalty imposed by the authorities. Case-Laws Income Tax Mon, 26 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337477