https://www.taxtmi.com/caselaws?id=341279 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The additions for suppressed profits, unrecorded production, and bogus purchases were considered to be based on estimates and debatable issues. The Tribunal agreed with the CIT(A) that no penalty for concealment was justified, as the issues raised were substantial and required further legal consideration. The Revenue's appeal was dismissed, affirming the decision to delete the penalty imposed by the Assessing Officer. en-us Mon, 03 Apr 2017 00:00:00 +0530 Wed, 02 Aug 2017 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341279 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The additions for suppressed profits, unrecorded production, and bogus purchases were considered to be based on estimates and debatable issues. The Tribunal agreed with the CIT(A) that no penalty for concealment was justified, as the issues raised were substantial and required further legal consideration. The Revenue's appeal was dismissed, affirming the decision to delete the penalty imposed by the Assessing Officer. Case-Laws Income Tax Mon, 03 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341279