https://www.taxtmi.com/caselaws?id=337913 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2008-09. The Tribunal emphasized that penalty cannot be solely based on additions made during assessment proceedings, particularly when they are estimations. Citing legal principles and precedents, the Tribunal ruled in favor of the assessee, highlighting the distinction between assessment and penalty proceedings. The decision emphasized that not all additions during assessment automatically warrant the imposition of a penalty, leading to the cancellation of the penalty in this case. en-us Wed, 18 Jan 2017 00:00:00 +0530 Fri, 20 Jan 2017 07:26:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337913 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2008-09. The Tribunal emphasized that penalty cannot be solely based on additions made during assessment proceedings, particularly when they are estimations. Citing legal principles and precedents, the Tribunal ruled in favor of the assessee, highlighting the distinction between assessment and penalty proceedings. The decision emphasized that not all additions during assessment automatically warrant the imposition of a penalty, leading to the cancellation of the penalty in this case. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337913