https://www.taxtmi.com/caselaws?id=380650 The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. This decision was based on the Tribunal's finding that since the income had been estimated at 12.5% in the quantum proceedings, the penalty could not be justified. The Tribunal emphasized that in cases involving income estimation, the penalty for inaccurate particulars of income or concealment could not be imposed. Consequently, the Commissioner of Income Tax (Appeals)'s decision affirming the penalty imposition was set aside, and the penalty was deleted. en-us Mon, 20 May 2019 00:00:00 +0530 Sat, 25 May 2019 09:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380650 The Tribunal allowed the appeal of the assessee, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. This decision was based on the Tribunal's finding that since the income had been estimated at 12.5% in the quantum proceedings, the penalty could not be justified. The Tribunal emphasized that in cases involving income estimation, the penalty for inaccurate particulars of income or concealment could not be imposed. Consequently, the Commissioner of Income Tax (Appeals)'s decision affirming the penalty imposition was set aside, and the penalty was deleted. Case-Laws Income Tax Mon, 20 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380650