https://www.taxtmi.com/caselaws?id=282451 The Tribunal allowed the appeals for all three assessment years, deleting the penalties imposed under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that penalties cannot be imposed merely on the basis of estimated income and that the department failed to provide independent evidence of concealment. en-us Wed, 10 Oct 2001 00:00:00 +0530 Thu, 08 Aug 2019 16:26:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282451 The Tribunal allowed the appeals for all three assessment years, deleting the penalties imposed under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that penalties cannot be imposed merely on the basis of estimated income and that the department failed to provide independent evidence of concealment. Case-Laws Income Tax Wed, 10 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282451