https://www.taxtmi.com/caselaws?id=404144 The Appellate Tribunal allowed the appeal, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal held that penalties are not sustainable when profit is estimated, following the precedent set by the Hon'ble Gujarat High Court. Consequently, the penalty imposed on the assessee was deleted, providing relief in the matter of penalty assessment. en-us Tue, 09 Feb 2021 00:00:00 +0530 Wed, 17 Feb 2021 09:29:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404144 The Appellate Tribunal allowed the appeal, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal held that penalties are not sustainable when profit is estimated, following the precedent set by the Hon'ble Gujarat High Court. Consequently, the penalty imposed on the assessee was deleted, providing relief in the matter of penalty assessment. Case-Laws Income Tax Tue, 09 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404144