https://www.taxtmi.com/caselaws?id=405185 The Tribunal dismissed the revenue's appeal, upholding the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act. It was concluded that penalties cannot be imposed when additions are made on an estimated basis, as in this case where the profit element was determined through adhoc estimations. The decision was based on established judicial precedents that penalties are not applicable in cases of estimated additions, and the appeal was ultimately dismissed on 09.03.2021. en-us Tue, 09 Mar 2021 00:00:00 +0530 Sat, 13 Mar 2021 08:40:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405185 The Tribunal dismissed the revenue's appeal, upholding the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act. It was concluded that penalties cannot be imposed when additions are made on an estimated basis, as in this case where the profit element was determined through adhoc estimations. The decision was based on established judicial precedents that penalties are not applicable in cases of estimated additions, and the appeal was ultimately dismissed on 09.03.2021. Case-Laws Income Tax Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405185