https://www.taxtmi.com/caselaws?id=397249 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) for inaccurate particulars of income and concealment of income. The Tribunal found that the disallowance was based on estimates without concrete evidence of actual concealment, and mere suspicion was insufficient for imposing a penalty. Relying on legal precedents, including a decision of the Hon'ble Bombay High Court, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty. en-us Thu, 18 Jun 2020 00:00:00 +0530 Tue, 11 Aug 2020 08:14:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397249 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) for inaccurate particulars of income and concealment of income. The Tribunal found that the disallowance was based on estimates without concrete evidence of actual concealment, and mere suspicion was insufficient for imposing a penalty. Relying on legal precedents, including a decision of the Hon'ble Bombay High Court, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty. Case-Laws Income Tax Thu, 18 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397249