https://www.taxtmi.com/caselaws?id=376451 The tribunal ruled in favor of the assessee in challenges against penalty levied under section 271(1)(c) of the Income Tax Act for assessment years 2007-2008 and 2008-2009. For 2007-2008, penalty was canceled as income was assessed on an estimated basis without findings of concealment. In 2008-2009, the penalty was canceled due to an inadequate notice lacking specific grounds. The decisions highlighted the importance of proper notice and absence of evidence for concealment, leading to the cancellation of penalties for both assessment years. en-us Tue, 05 Mar 2019 00:00:00 +0530 Sat, 09 Mar 2019 07:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376451 The tribunal ruled in favor of the assessee in challenges against penalty levied under section 271(1)(c) of the Income Tax Act for assessment years 2007-2008 and 2008-2009. For 2007-2008, penalty was canceled as income was assessed on an estimated basis without findings of concealment. In 2008-2009, the penalty was canceled due to an inadequate notice lacking specific grounds. The decisions highlighted the importance of proper notice and absence of evidence for concealment, leading to the cancellation of penalties for both assessment years. Case-Laws Income Tax Tue, 05 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376451