https://www.taxtmi.com/caselaws?id=367136 The Tribunal allowed the appeal of the assessee, challenging the penalty imposed under section 271(1)(c) of the Act. The Tribunal found that there was no specific charge against the assessee for concealment or furnishing inaccurate particulars of income. The additions made by the ld AO were estimated without evidence of defects in the books of account. Consequently, the penalty orders were quashed, emphasizing the disparity between penalty and assessment proceedings. The Tribunal's decision was pronounced on 12/09/2018. en-us Wed, 12 Sep 2018 00:00:00 +0530 Sat, 15 Sep 2018 07:40:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367136 The Tribunal allowed the appeal of the assessee, challenging the penalty imposed under section 271(1)(c) of the Act. The Tribunal found that there was no specific charge against the assessee for concealment or furnishing inaccurate particulars of income. The additions made by the ld AO were estimated without evidence of defects in the books of account. Consequently, the penalty orders were quashed, emphasizing the disparity between penalty and assessment proceedings. The Tribunal's decision was pronounced on 12/09/2018. Case-Laws Income Tax Wed, 12 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367136