https://www.taxtmi.com/caselaws?id=338712 The ITAT allowed the appeal, deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The ITAT emphasized the necessity of specific instances of concealment or inaccurate particulars of income to justify a penalty, distinguishing between penalty and quantum proceedings. The decision underscored the significance of bonafide explanations and specific additions in penalty cases, leading to the reversal of the penalty based on estimated profits and unverifiable purchases. en-us Thu, 22 Dec 2016 00:00:00 +0530 Thu, 09 Feb 2017 22:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338712 The ITAT allowed the appeal, deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The ITAT emphasized the necessity of specific instances of concealment or inaccurate particulars of income to justify a penalty, distinguishing between penalty and quantum proceedings. The decision underscored the significance of bonafide explanations and specific additions in penalty cases, leading to the reversal of the penalty based on estimated profits and unverifiable purchases. Case-Laws Income Tax Thu, 22 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338712