https://www.taxtmi.com/caselaws?id=341134 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 55,34,753, concluding that the estimation of the interest component of the waiver amount could not be a ground for imposing a penalty. The assessee had disclosed all relevant facts, and the addition made by the AO was based on an estimation. The penalty under Section 271(1)(c) was not justified, and the appeal of the Revenue was dismissed. en-us Tue, 14 Mar 2017 00:00:00 +0530 Mon, 03 Apr 2017 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341134 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 55,34,753, concluding that the estimation of the interest component of the waiver amount could not be a ground for imposing a penalty. The assessee had disclosed all relevant facts, and the addition made by the AO was based on an estimation. The penalty under Section 271(1)(c) was not justified, and the appeal of the Revenue was dismissed. Case-Laws Income Tax Tue, 14 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341134