https://www.taxtmi.com/caselaws?id=360809 The Tribunal ruled in favor of the appellant, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act based on estimated additions. The Tribunal emphasized the necessity of concrete evidence to support penalty imposition, stating that penalties cannot be justified solely on estimation without proof of concealment or misconduct. The decision highlighted the importance of clear proof of misconduct and invalidated penalties based solely on estimations without substantial evidence. en-us Mon, 14 May 2018 00:00:00 +0530 Wed, 23 May 2018 07:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360809 The Tribunal ruled in favor of the appellant, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act based on estimated additions. The Tribunal emphasized the necessity of concrete evidence to support penalty imposition, stating that penalties cannot be justified solely on estimation without proof of concealment or misconduct. The decision highlighted the importance of clear proof of misconduct and invalidated penalties based solely on estimations without substantial evidence. Case-Laws Income Tax Mon, 14 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360809