https://www.taxtmi.com/caselaws?id=338113 The Tribunal ruled in favor of the assessee, finding that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified. The Tribunal highlighted procedural lapses in the penalty notice and the fact that the addition to income was based on estimation rather than concrete evidence from seized documents. As a result, the penalty of Rs. 4,35,357/- was deleted, and the appeal filed by the assessee was allowed. en-us Fri, 13 Jan 2017 00:00:00 +0530 Tue, 24 Jan 2017 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338113 The Tribunal ruled in favor of the assessee, finding that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified. The Tribunal highlighted procedural lapses in the penalty notice and the fact that the addition to income was based on estimation rather than concrete evidence from seized documents. As a result, the penalty of Rs. 4,35,357/- was deleted, and the appeal filed by the assessee was allowed. Case-Laws Income Tax Fri, 13 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338113