https://www.taxtmi.com/caselaws?id=275726 The Court ruled in favor of the assessee in a challenge to the Income Tax Appellate Tribunal's order regarding penalty under Section 271(1)(c) for the Assessment Year 1997-1998. The Court found in favor of the assessee, emphasizing the lack of concrete evidence supporting the penalty imposition based on estimation, ultimately deeming the penalty unwarranted. The decision was influenced by previous judgments and the absence of sufficient grounds to uphold the penalty, leading to the disposal of the matter in favor of the assessee against the Department. en-us Wed, 10 Aug 2016 00:00:00 +0530 Sun, 14 Oct 2018 18:42:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275726 The Court ruled in favor of the assessee in a challenge to the Income Tax Appellate Tribunal's order regarding penalty under Section 271(1)(c) for the Assessment Year 1997-1998. The Court found in favor of the assessee, emphasizing the lack of concrete evidence supporting the penalty imposition based on estimation, ultimately deeming the penalty unwarranted. The decision was influenced by previous judgments and the absence of sufficient grounds to uphold the penalty, leading to the disposal of the matter in favor of the assessee against the Department. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275726