https://www.taxtmi.com/caselaws?id=354346 The Tribunal dismissed all four appeals filed by the Revenue, affirming the decisions of the CIT(A) in favor of the assessees. The Tribunal found that the concealment of facts in unaccounted production and sales did not warrant the sustenance of penalties based on estimated additions, as the income was based on estimations without precise quantification. Previous Tribunal decisions supported the deletion of penalties in similar cases where unaccounted income was estimated. Therefore, the Tribunal held that the orders of the CIT(A) in deleting the penalties were fair and upheld them, ruling in favor of the assessees. en-us Fri, 17 Nov 2017 00:00:00 +0530 Wed, 24 Jan 2018 08:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354346 The Tribunal dismissed all four appeals filed by the Revenue, affirming the decisions of the CIT(A) in favor of the assessees. The Tribunal found that the concealment of facts in unaccounted production and sales did not warrant the sustenance of penalties based on estimated additions, as the income was based on estimations without precise quantification. Previous Tribunal decisions supported the deletion of penalties in similar cases where unaccounted income was estimated. Therefore, the Tribunal held that the orders of the CIT(A) in deleting the penalties were fair and upheld them, ruling in favor of the assessees. Case-Laws Income Tax Fri, 17 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354346