https://www.taxtmi.com/caselaws?id=279170 The tribunal overturned the decision of the CIT(A) and ordered the deletion of the penalty amounting to Rs. 10,62,120 imposed under section 271(1)(c) of the Income-tax Act, 1961 for assessment year 2007-08 based on estimated income. The tribunal held that penalties cannot be imposed when income is determined on an estimated basis, as there was no evidence of income suppression by the assessee apart from the estimate made by the AO. The appeal was allowed, and the penalty was removed. en-us Thu, 16 Jun 2016 00:00:00 +0530 Thu, 07 Mar 2019 06:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279170 The tribunal overturned the decision of the CIT(A) and ordered the deletion of the penalty amounting to Rs. 10,62,120 imposed under section 271(1)(c) of the Income-tax Act, 1961 for assessment year 2007-08 based on estimated income. The tribunal held that penalties cannot be imposed when income is determined on an estimated basis, as there was no evidence of income suppression by the assessee apart from the estimate made by the AO. The appeal was allowed, and the penalty was removed. Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279170