https://www.taxtmi.com/caselaws?id=400224 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) for concealment of income for A.Y. 2009-10. It held that the penalty was unjustified as it was solely based on estimation without concrete evidence of concealment. Emphasizing the need for positive evidence to levy penalties for concealment of income, the Tribunal directed the deletion of the penalty on estimated rental income. The decision aligned with legal precedents that penalties cannot be solely based on estimation, leading to the appeal being allowed. en-us Tue, 27 Oct 2020 00:00:00 +0530 Sat, 31 Oct 2020 16:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400224 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) for concealment of income for A.Y. 2009-10. It held that the penalty was unjustified as it was solely based on estimation without concrete evidence of concealment. Emphasizing the need for positive evidence to levy penalties for concealment of income, the Tribunal directed the deletion of the penalty on estimated rental income. The decision aligned with legal precedents that penalties cannot be solely based on estimation, leading to the appeal being allowed. Case-Laws Income Tax Tue, 27 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400224