https://www.taxtmi.com/caselaws?id=389318 The ITAT allowed both appeals of the appellant, setting aside the penalties imposed under section 271B for failure to comply with section 44AB and section 271(1)(c) for alleged suppression of income. The judgments clarified that penalties cannot be imposed when income is determined on an estimate basis, ensuring adherence to legal provisions and precedents. en-us Wed, 23 Oct 2019 00:00:00 +0530 Thu, 05 Dec 2019 12:10:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389318 The ITAT allowed both appeals of the appellant, setting aside the penalties imposed under section 271B for failure to comply with section 44AB and section 271(1)(c) for alleged suppression of income. The judgments clarified that penalties cannot be imposed when income is determined on an estimate basis, ensuring adherence to legal provisions and precedents. Case-Laws Income Tax Wed, 23 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389318