https://www.taxtmi.com/caselaws?id=339388 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, due to the lack of corroborative material and reliance on estimated income. The Tribunal emphasized the insufficiency of penalties based solely on income estimations and the importance of adhering to judicial directions. en-us Fri, 17 Feb 2017 00:00:00 +0530 Sat, 25 Feb 2017 14:57:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339388 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, due to the lack of corroborative material and reliance on estimated income. The Tribunal emphasized the insufficiency of penalties based solely on income estimations and the importance of adhering to judicial directions. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339388