https://www.taxtmi.com/caselaws?id=400883 The Tribunal allowed the appeal against the penalty order under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12. It held that the addition made on an estimation basis did not amount to concealment of income or furnishing inaccurate particulars, thus setting aside the penalty of &8377; 18,98,380/- imposed on the assessee. The Tribunal emphasized that the penalty was invalid as there was no concrete evidence of deliberate misinformation, aligning with precedents where penalties were deleted in similar circumstances. en-us Mon, 08 Jun 2020 00:00:00 +0530 Thu, 26 Nov 2020 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400883 The Tribunal allowed the appeal against the penalty order under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12. It held that the addition made on an estimation basis did not amount to concealment of income or furnishing inaccurate particulars, thus setting aside the penalty of &8377; 18,98,380/- imposed on the assessee. The Tribunal emphasized that the penalty was invalid as there was no concrete evidence of deliberate misinformation, aligning with precedents where penalties were deleted in similar circumstances. Case-Laws Income Tax Mon, 08 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400883