https://www.taxtmi.com/caselaws?id=342089 The Tribunal canceled the penalty of Rs. 4,68,870/- imposed under Section 271(1)(c) of the Income Tax Act, as it was based on estimated values without concrete evidence of concealment or inaccurate particulars. The penalty was deemed unjustified, and the Assessee's appeal was allowed, resulting in the penalty order being quashed. en-us Mon, 24 Apr 2017 00:00:00 +0530 Wed, 26 Apr 2017 07:09:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342089 The Tribunal canceled the penalty of Rs. 4,68,870/- imposed under Section 271(1)(c) of the Income Tax Act, as it was based on estimated values without concrete evidence of concealment or inaccurate particulars. The penalty was deemed unjustified, and the Assessee's appeal was allowed, resulting in the penalty order being quashed. Case-Laws Income Tax Mon, 24 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342089