https://www.taxtmi.com/caselaws?id=400175 The Tribunal allowed the appeal, ruling that penalties under section 271(1)(c) cannot be imposed on estimated income when additions are based on estimates. The decision emphasized the importance of adhering to principles of natural justice and considering the facts of the case before levying penalties on estimated figures. The Tribunal directed the Assessing Officer to delete the penalty, overturning the CIT(A)'s decision and supporting the appellant's position. en-us Wed, 28 Oct 2020 00:00:00 +0530 Fri, 30 Oct 2020 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400175 The Tribunal allowed the appeal, ruling that penalties under section 271(1)(c) cannot be imposed on estimated income when additions are based on estimates. The decision emphasized the importance of adhering to principles of natural justice and considering the facts of the case before levying penalties on estimated figures. The Tribunal directed the Assessing Officer to delete the penalty, overturning the CIT(A)'s decision and supporting the appellant's position. Case-Laws Income Tax Wed, 28 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400175