https://www.taxtmi.com/caselaws?id=278120 The Appellate Tribunal ITAT Jaipur deleted the penalty imposed under section 271(1)(c) of the Income Tax Act against the assessee for Assessment Year 2007-08. The Tribunal held that penalties based solely on estimation, without concrete evidence of concealment or inaccurate particulars of income, are not justified. Relying on the decision in CIT vs. Mahendra Singh Khedla, the Tribunal concluded that the penalty was not warranted as the Assessing Officer's addition was based on estimation without proving inflated purchases. The appeal was allowed, and the penalty was removed. en-us Mon, 08 Jan 2018 00:00:00 +0530 Fri, 11 Jan 2019 06:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278120 The Appellate Tribunal ITAT Jaipur deleted the penalty imposed under section 271(1)(c) of the Income Tax Act against the assessee for Assessment Year 2007-08. The Tribunal held that penalties based solely on estimation, without concrete evidence of concealment or inaccurate particulars of income, are not justified. Relying on the decision in CIT vs. Mahendra Singh Khedla, the Tribunal concluded that the penalty was not warranted as the Assessing Officer's addition was based on estimation without proving inflated purchases. The appeal was allowed, and the penalty was removed. Case-Laws Income Tax Mon, 08 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278120