https://www.taxtmi.com/caselaws?id=376541 The Tribunal allowed the appeal and canceled the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was found to be initiated based on profit estimation without specific mention of relevant provisions. An additional ground challenging the validity of the notice and penalty order was admitted, leading to the quashing of both. The discrepancy between the charge initiated and the penalty imposed, focusing on concealment versus inaccurate particulars of income, resulted in the reversal of the penalty confirmation. The Tribunal emphasized the importance of clarity in penalty imposition, ultimately ruling in favor of the appellant and canceling the penalty. en-us Thu, 28 Feb 2019 00:00:00 +0530 Tue, 12 Mar 2019 08:10:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376541 The Tribunal allowed the appeal and canceled the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was found to be initiated based on profit estimation without specific mention of relevant provisions. An additional ground challenging the validity of the notice and penalty order was admitted, leading to the quashing of both. The discrepancy between the charge initiated and the penalty imposed, focusing on concealment versus inaccurate particulars of income, resulted in the reversal of the penalty confirmation. The Tribunal emphasized the importance of clarity in penalty imposition, ultimately ruling in favor of the appellant and canceling the penalty. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376541