https://www.taxtmi.com/caselaws?id=402606 The Tribunal allowed the appeal filed by the assessee for Assessment Years 2007-08 and 2008-09, quashing the penalty under section 271(1)(c). It held that penalties cannot be imposed when income is assessed on an estimated basis, citing High Court decisions. The Tribunal did not address the failure to specify the charge for penalty, as it found the penalty unsustainable due to the estimated income assessment. en-us Mon, 02 Nov 2020 00:00:00 +0530 Thu, 07 Jan 2021 16:39:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402606 The Tribunal allowed the appeal filed by the assessee for Assessment Years 2007-08 and 2008-09, quashing the penalty under section 271(1)(c). It held that penalties cannot be imposed when income is assessed on an estimated basis, citing High Court decisions. The Tribunal did not address the failure to specify the charge for penalty, as it found the penalty unsustainable due to the estimated income assessment. Case-Laws Income Tax Mon, 02 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402606