https://www.taxtmi.com/caselaws?id=14468 The Tribunal dismissed the Commissioner of Income-tax's petition seeking cancellation of a penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 1982-83. The Tribunal found discrepancies in income assessment were due to differing estimates on income and expenditure, not deliberate concealment. As the variations arose from contrasting opinions between the Assessing Officer and the Commissioner, the Tribunal concluded there was no concrete evidence of income suppression. Therefore, the penalty was canceled, with the Tribunal stating no legal issue arose as it was a matter of diverging estimates, not intentional concealment. en-us Tue, 11 May 1999 00:00:00 +0530 Thu, 16 Jul 2009 11:15:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14468 The Tribunal dismissed the Commissioner of Income-tax's petition seeking cancellation of a penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 1982-83. The Tribunal found discrepancies in income assessment were due to differing estimates on income and expenditure, not deliberate concealment. As the variations arose from contrasting opinions between the Assessing Officer and the Commissioner, the Tribunal concluded there was no concrete evidence of income suppression. Therefore, the penalty was canceled, with the Tribunal stating no legal issue arose as it was a matter of diverging estimates, not intentional concealment. Case-Laws Income Tax Tue, 11 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14468