https://www.taxtmi.com/caselaws?id=400339 The Tribunal ruled in favor of the appellant, holding that the penalty imposed under section 271(1)(c) of the Income Tax Act was unjustified. The appellant successfully argued that there was no concealment of income or inaccurate filing, as all relevant details were provided and supported by the Maharashtra Value Added Tax Department. The Tribunal emphasized that a penalty cannot be solely based on estimation and deleted the penalty of Rs. 1,20,000 imposed by the Assessing Officer, allowing the appeal. en-us Mon, 02 Nov 2020 00:00:00 +0530 Tue, 03 Nov 2020 15:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400339 The Tribunal ruled in favor of the appellant, holding that the penalty imposed under section 271(1)(c) of the Income Tax Act was unjustified. The appellant successfully argued that there was no concealment of income or inaccurate filing, as all relevant details were provided and supported by the Maharashtra Value Added Tax Department. The Tribunal emphasized that a penalty cannot be solely based on estimation and deleted the penalty of Rs. 1,20,000 imposed by the Assessing Officer, allowing the appeal. Case-Laws Income Tax Mon, 02 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400339