https://www.taxtmi.com/caselaws?id=348639 The Tribunal dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(C) of the Income Tax Act for the Assessment Year 2008-09. The deletion of the penalty was upheld based on the lack of specific concealment or suppression of receipts, with the addition during assessment being deemed as estimates. The Tribunal found discrepancies in the penalty proceedings, including inconsistency in the grounds for penalty and lack of clarity in the show-cause notice, leading to the quashing of the penalty on legal grounds. The appeal was ultimately dismissed on June 27, 2017. en-us Tue, 27 Jun 2017 00:00:00 +0530 Tue, 26 Sep 2017 07:55:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348639 The Tribunal dismissed the Revenue's appeal against the deletion of penalty under section 271(1)(C) of the Income Tax Act for the Assessment Year 2008-09. The deletion of the penalty was upheld based on the lack of specific concealment or suppression of receipts, with the addition during assessment being deemed as estimates. The Tribunal found discrepancies in the penalty proceedings, including inconsistency in the grounds for penalty and lack of clarity in the show-cause notice, leading to the quashing of the penalty on legal grounds. The appeal was ultimately dismissed on June 27, 2017. Case-Laws Income Tax Tue, 27 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348639