https://www.taxtmi.com/caselaws?id=373301 The Tribunal allowed the appeal, emphasizing the necessity of factual evidence and consistency in penalty determinations under the Income Tax Act. It held that penalties relying solely on estimations, without concrete proof of concealment or inaccuracies, are unwarranted. The decision highlighted the importance of factual findings and annulled the penalty imposed under section 271(1)(c) of the Act. en-us Mon, 07 Jan 2019 00:00:00 +0530 Thu, 10 Jan 2019 10:34:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373301 The Tribunal allowed the appeal, emphasizing the necessity of factual evidence and consistency in penalty determinations under the Income Tax Act. It held that penalties relying solely on estimations, without concrete proof of concealment or inaccuracies, are unwarranted. The decision highlighted the importance of factual findings and annulled the penalty imposed under section 271(1)(c) of the Act. Case-Laws Income Tax Mon, 07 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373301