https://www.taxtmi.com/caselaws?id=190242 The penalty under section 271(1)(c) of the I.T. Act, 1961, amounting to Rs. 25,245, was deleted by the Judicial Member. The discrepancy in estimations made by the Assessing Officer and the CIT (A) led to the imposition of the penalty. The Judicial Member emphasized that concealment penalty should not be solely based on estimations, citing relevant case laws. The appeal was allowed, and the penalty was deleted based on the assessment of estimations and legal precedents. en-us Fri, 04 Mar 2016 00:00:00 +0530 Thu, 09 Feb 2017 22:57:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190242 The penalty under section 271(1)(c) of the I.T. Act, 1961, amounting to Rs. 25,245, was deleted by the Judicial Member. The discrepancy in estimations made by the Assessing Officer and the CIT (A) led to the imposition of the penalty. The Judicial Member emphasized that concealment penalty should not be solely based on estimations, citing relevant case laws. The appeal was allowed, and the penalty was deleted based on the assessment of estimations and legal precedents. Case-Laws Income Tax Fri, 04 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190242