https://www.taxtmi.com/caselaws?id=405331 The tribunal upheld the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act, emphasizing that penalty cannot be imposed on income assessed based on estimation. Ad hoc estimations do not constitute concealment of income or furnishing inaccurate particulars. The tribunal dismissed the revenue's appeal, citing precedents where penalties were not applicable when income was determined through estimation without concrete evidence of concealment. en-us Tue, 09 Mar 2021 00:00:00 +0530 Wed, 17 Mar 2021 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405331 The tribunal upheld the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act, emphasizing that penalty cannot be imposed on income assessed based on estimation. Ad hoc estimations do not constitute concealment of income or furnishing inaccurate particulars. The tribunal dismissed the revenue's appeal, citing precedents where penalties were not applicable when income was determined through estimation without concrete evidence of concealment. Case-Laws Income Tax Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405331