https://www.taxtmi.com/caselaws?id=273074 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. It held that no penalty is imposable on estimated additions sustained on an ad hoc basis, emphasizing the lack of concrete evidence for inaccurate particulars or deliberate concealment. The decision highlighted the importance of accurate details in the return and clarified that not every incorrect claim warrants penalty under the Act. en-us Wed, 10 Jan 2018 00:00:00 +0530 Sat, 02 Jun 2018 13:25:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273074 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. It held that no penalty is imposable on estimated additions sustained on an ad hoc basis, emphasizing the lack of concrete evidence for inaccurate particulars or deliberate concealment. The decision highlighted the importance of accurate details in the return and clarified that not every incorrect claim warrants penalty under the Act. Case-Laws Income Tax Wed, 10 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273074