https://www.taxtmi.com/caselaws?id=282282 The Tribunal reviewed penalties imposed under section 271(1)(c) for the assessment year 2003-04. It found that most additions/disallowances were either deleted, reduced, or remanded, leading to the deletion of penalties on several grounds. Penalties on estimated gross profit, low household withdrawals, disallowance of interest, and specific additions were all deleted by the Tribunal due to lack of concealment of income or justification. The appellant's appeal was allowed, with penalties being deleted on multiple issues following a detailed analysis by the Tribunal. en-us Fri, 22 Jul 2016 00:00:00 +0530 Thu, 01 Aug 2019 05:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282282 The Tribunal reviewed penalties imposed under section 271(1)(c) for the assessment year 2003-04. It found that most additions/disallowances were either deleted, reduced, or remanded, leading to the deletion of penalties on several grounds. Penalties on estimated gross profit, low household withdrawals, disallowance of interest, and specific additions were all deleted by the Tribunal due to lack of concealment of income or justification. The appellant's appeal was allowed, with penalties being deleted on multiple issues following a detailed analysis by the Tribunal. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282282