https://www.taxtmi.com/caselaws?id=393541 The Tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) to delete the penalty levied under Section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that penalties are not justified when income is assessed based on adhoc estimations without concrete evidence of deliberate concealment or inaccuracies. The judgment highlighted that penalty provisions necessitate clear proof of intentional concealment or inaccuracies, which were not substantiated in this case. The Tribunal dismissed the revenue's appeals, affirming the deletion of the penalty. en-us Fri, 13 Mar 2020 00:00:00 +0530 Wed, 18 Mar 2020 12:36:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393541 The Tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) to delete the penalty levied under Section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that penalties are not justified when income is assessed based on adhoc estimations without concrete evidence of deliberate concealment or inaccuracies. The judgment highlighted that penalty provisions necessitate clear proof of intentional concealment or inaccuracies, which were not substantiated in this case. The Tribunal dismissed the revenue's appeals, affirming the deletion of the penalty. Case-Laws Income Tax Fri, 13 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393541