https://www.taxtmi.com/caselaws?id=347817 The Tribunal allowed the appeals, deleting penalties imposed under section 271(1)(c) of the Income Tax Act. Penalties were deemed unjustified as trading additions were estimated without clear evidence of concealment. The Tribunal stressed the need for proof of mens rea in penalty proceedings, emphasizing penalties cannot be solely based on estimates. The decision was consistent across all appeals, resulting in the deletion of penalties for the relevant assessment years. en-us Thu, 07 Sep 2017 00:00:00 +0530 Tue, 26 Dec 2017 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347817 The Tribunal allowed the appeals, deleting penalties imposed under section 271(1)(c) of the Income Tax Act. Penalties were deemed unjustified as trading additions were estimated without clear evidence of concealment. The Tribunal stressed the need for proof of mens rea in penalty proceedings, emphasizing penalties cannot be solely based on estimates. The decision was consistent across all appeals, resulting in the deletion of penalties for the relevant assessment years. Case-Laws Income Tax Thu, 07 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347817