https://www.taxtmi.com/caselaws?id=350317 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, based on estimated additions and rejection of books of accounts, was not justified. Relying on legal precedents, the Tribunal set aside the penalty order amounting to Rs. 4,21,040 and directed the Assessing Officer to delete the penalty. The appeal of the assessee was allowed, emphasizing the distinction between assessment and penalty proceedings and the requirement for a separate consideration of evidence in penalty proceedings. en-us Tue, 31 Oct 2017 00:00:00 +0530 Fri, 03 Nov 2017 11:50:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350317 The Tribunal held that the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, based on estimated additions and rejection of books of accounts, was not justified. Relying on legal precedents, the Tribunal set aside the penalty order amounting to Rs. 4,21,040 and directed the Assessing Officer to delete the penalty. The appeal of the assessee was allowed, emphasizing the distinction between assessment and penalty proceedings and the requirement for a separate consideration of evidence in penalty proceedings. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350317