https://www.taxtmi.com/caselaws?id=381812 The ITAT allowed the appellant's appeal against penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2007-08. The penalty was imposed based on a trading addition upheld by the ITAT, which was made on an estimated basis without specific evidence linking to the income. The ITAT held that mere confirmation of a trading addition based on estimates does not constitute inaccurate income particulars or concealment. Therefore, the ITAT found no merit in the penalty imposed and directed its deletion, ruling in favor of the appellant. en-us Fri, 10 May 2019 00:00:00 +0530 Thu, 20 Jun 2019 15:19:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381812 The ITAT allowed the appellant's appeal against penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2007-08. The penalty was imposed based on a trading addition upheld by the ITAT, which was made on an estimated basis without specific evidence linking to the income. The ITAT held that mere confirmation of a trading addition based on estimates does not constitute inaccurate income particulars or concealment. Therefore, the ITAT found no merit in the penalty imposed and directed its deletion, ruling in favor of the appellant. Case-Laws Income Tax Fri, 10 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381812