https://www.taxtmi.com/caselaws?id=370126 The Tribunal allowed the appeals, deleting the penalties imposed under Section 271(1)(c) for both assessment years. It emphasized the importance of clear and specific charges in penalty notices and orders, stating penalties should not rely solely on estimated additions from valuation reports. The decision highlighted the need for strict interpretation of penal provisions and the rebuttable nature of presumptions under Explanation 5A. en-us Wed, 31 Oct 2018 00:00:00 +0530 Sat, 10 Nov 2018 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370126 The Tribunal allowed the appeals, deleting the penalties imposed under Section 271(1)(c) for both assessment years. It emphasized the importance of clear and specific charges in penalty notices and orders, stating penalties should not rely solely on estimated additions from valuation reports. The decision highlighted the need for strict interpretation of penal provisions and the rebuttable nature of presumptions under Explanation 5A. Case-Laws Income Tax Wed, 31 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370126