https://www.taxtmi.com/caselaws?id=354337 The Tribunal dismissed the Revenue's appeal and confirmed the deletion of a penalty of Rs. 56,08,774/- imposed under section 271(1)(c) of the Income-tax Act. The penalty was related to additions made for suppressed production and concealed income, which were deemed to be based on estimations and debatable issues. The Tribunal agreed with the CIT(A) that penalties on estimated additions should be deleted, including the portion related to admitted income in the revised computation, as no precise evidence was provided by the Revenue. en-us Fri, 10 Nov 2017 00:00:00 +0530 Wed, 24 Jan 2018 08:29:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354337 The Tribunal dismissed the Revenue's appeal and confirmed the deletion of a penalty of Rs. 56,08,774/- imposed under section 271(1)(c) of the Income-tax Act. The penalty was related to additions made for suppressed production and concealed income, which were deemed to be based on estimations and debatable issues. The Tribunal agreed with the CIT(A) that penalties on estimated additions should be deleted, including the portion related to admitted income in the revised computation, as no precise evidence was provided by the Revenue. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354337