https://www.taxtmi.com/caselaws?id=361227 The appeal of the assessee was allowed, and that of the Revenue was dismissed. The penalty imposed under section 271(1)(c) for disallowance of revenue deduction for retrenchment compensation and computation of capital gain was deleted by the Tribunal. The Tribunal accepted the expenditure as a cost of improvement under section 48 of the Income-tax Act, 1961, and reduced the estimated sale consideration for the property, citing that penalties cannot be imposed based solely on estimates when determining income. en-us Fri, 18 May 2018 00:00:00 +0530 Sat, 02 Jun 2018 12:46:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361227 The appeal of the assessee was allowed, and that of the Revenue was dismissed. The penalty imposed under section 271(1)(c) for disallowance of revenue deduction for retrenchment compensation and computation of capital gain was deleted by the Tribunal. The Tribunal accepted the expenditure as a cost of improvement under section 48 of the Income-tax Act, 1961, and reduced the estimated sale consideration for the property, citing that penalties cannot be imposed based solely on estimates when determining income. Case-Laws Income Tax Fri, 18 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361227