https://www.taxtmi.com/caselaws?id=346685 The Appellate Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, in favor of the appellant. The Tribunal found that the penalty was based on an estimated profit element lacking concrete evidence, leading to the decision to quash the penalty. The Commissioner of Income Tax (Appeals) had reduced the addition to a mere estimation of the profit element, which the Tribunal deemed insufficient to sustain the penalty. As a result, the penalty imposed by the Assessing Officer was revoked, and the appeal of the assessee was allowed. en-us Wed, 26 Jul 2017 00:00:00 +0530 Tue, 22 Aug 2017 07:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346685 The Appellate Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, in favor of the appellant. The Tribunal found that the penalty was based on an estimated profit element lacking concrete evidence, leading to the decision to quash the penalty. The Commissioner of Income Tax (Appeals) had reduced the addition to a mere estimation of the profit element, which the Tribunal deemed insufficient to sustain the penalty. As a result, the penalty imposed by the Assessing Officer was revoked, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 26 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346685