https://www.taxtmi.com/caselaws?id=288196 The Tribunal allowed the appeals of the assessee, directing the AO to apply a 0.15% net profit rate on the bank deposits and deleting the penalties imposed under section 271(1)(c). The judgment emphasized consistency with prior Tribunal decisions and the principle that penalties should not be imposed on estimated income assessments. en-us Tue, 24 Jan 2017 00:00:00 +0530 Mon, 25 May 2020 17:15:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288196 The Tribunal allowed the appeals of the assessee, directing the AO to apply a 0.15% net profit rate on the bank deposits and deleting the penalties imposed under section 271(1)(c). The judgment emphasized consistency with prior Tribunal decisions and the principle that penalties should not be imposed on estimated income assessments. Case-Laws Income Tax Tue, 24 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288196