https://www.taxtmi.com/caselaws?id=194051 The Tribunal reversed the penalties imposed under section 271(1)(c) for AYs 2004-05 and 2005-06, emphasizing the requirement of conclusive evidence of concealed income for penalty imposition. Relying on legal precedents, the Tribunal ruled in favor of the assessees, distinguishing between assessment and penalty proceedings. The penalties were set aside, highlighting the importance of clear evidence in cases involving estimated income. en-us Wed, 27 Jul 2016 00:00:00 +0530 Mon, 28 Aug 2017 09:56:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194051 The Tribunal reversed the penalties imposed under section 271(1)(c) for AYs 2004-05 and 2005-06, emphasizing the requirement of conclusive evidence of concealed income for penalty imposition. Relying on legal precedents, the Tribunal ruled in favor of the assessees, distinguishing between assessment and penalty proceedings. The penalties were set aside, highlighting the importance of clear evidence in cases involving estimated income. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194051