https://www.taxtmi.com/caselaws?id=348469 The Tribunal ruled in favor of the assessee, directing the assessing officer to delete the penalty of Rs. 7,23,673 imposed under Section 271(1)(c) of the Income Tax Act. It was held that the penalty could not be justified as the additional income was voluntarily disclosed in the revised return and not based on specific detection by revenue authorities. The Tribunal emphasized that penalties cannot be levied solely on estimated figures without concrete evidence, ultimately concluding that the penalty was unwarranted. en-us Mon, 18 Sep 2017 00:00:00 +0530 Fri, 22 Sep 2017 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348469 The Tribunal ruled in favor of the assessee, directing the assessing officer to delete the penalty of Rs. 7,23,673 imposed under Section 271(1)(c) of the Income Tax Act. It was held that the penalty could not be justified as the additional income was voluntarily disclosed in the revised return and not based on specific detection by revenue authorities. The Tribunal emphasized that penalties cannot be levied solely on estimated figures without concrete evidence, ultimately concluding that the penalty was unwarranted. Case-Laws Income Tax Mon, 18 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348469