https://www.taxtmi.com/caselaws?id=343799 The Tribunal allowed all appeals filed by the assessees, deleting the penalties levied under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that in the absence of detailed evidence due to the peculiar circumstances, the disallowance of expenditure based on estimation could not justify the penalty. Citing relevant case law, the Tribunal held that penalties cannot be imposed where additions are made based on estimates. Penalties were also deleted in similar cases following the same reasoning. en-us Mon, 29 May 2017 00:00:00 +0530 Fri, 02 Jun 2017 06:15:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343799 The Tribunal allowed all appeals filed by the assessees, deleting the penalties levied under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that in the absence of detailed evidence due to the peculiar circumstances, the disallowance of expenditure based on estimation could not justify the penalty. Citing relevant case law, the Tribunal held that penalties cannot be imposed where additions are made based on estimates. Penalties were also deleted in similar cases following the same reasoning. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343799