https://www.taxtmi.com/caselaws?id=373584 The Tribunal held that penalties under section 271(1)(c) cannot be sustained when income is assessed on an estimate basis without concrete evidence of concealment. The Tribunal quashed the penalty imposed on the assessee, a transport company, for trading additions and loans received, as the additions were based on subjective assessments and lacked concrete evidence of concealment. The Tribunal also found that disallowances without evidence of falsity did not warrant penalties, ultimately allowing the assessee's appeal and ruling in their favor. en-us Fri, 11 Jan 2019 00:00:00 +0530 Tue, 15 Jan 2019 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373584 The Tribunal held that penalties under section 271(1)(c) cannot be sustained when income is assessed on an estimate basis without concrete evidence of concealment. The Tribunal quashed the penalty imposed on the assessee, a transport company, for trading additions and loans received, as the additions were based on subjective assessments and lacked concrete evidence of concealment. The Tribunal also found that disallowances without evidence of falsity did not warrant penalties, ultimately allowing the assessee's appeal and ruling in their favor. Case-Laws Income Tax Fri, 11 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373584