https://www.taxtmi.com/caselaws?id=398639 The Tribunal allowed the appeals filed by the assessee, partly deleting the penalties levied under Section 271(1)(c) of the Income Tax Act, 1961, for all the assessment years in question. The Tribunal concluded that penalties cannot be imposed on estimated additions and emphasized the necessity of a definite finding of concealment or furnishing inaccurate particulars of income. The Tribunal referred to relevant case law and ruled in favor of the assessee, deleting the penalties imposed by the AO and confirmed by the CIT(A) for multiple assessment years. en-us Mon, 14 Sep 2020 00:00:00 +0530 Mon, 21 Sep 2020 11:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398639 The Tribunal allowed the appeals filed by the assessee, partly deleting the penalties levied under Section 271(1)(c) of the Income Tax Act, 1961, for all the assessment years in question. The Tribunal concluded that penalties cannot be imposed on estimated additions and emphasized the necessity of a definite finding of concealment or furnishing inaccurate particulars of income. The Tribunal referred to relevant case law and ruled in favor of the assessee, deleting the penalties imposed by the AO and confirmed by the CIT(A) for multiple assessment years. Case-Laws Income Tax Mon, 14 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398639