https://www.taxtmi.com/caselaws?id=405433 The tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. It was ruled that penalties are not applicable when income adjustments are made on an estimation basis without concrete evidence of concealment or inaccurate particulars. The appeal by the revenue was dismissed, affirming that the penalty imposed by the Assessing Officer was not justified. en-us Fri, 05 Mar 2021 00:00:00 +0530 Fri, 19 Mar 2021 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405433 The tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. It was ruled that penalties are not applicable when income adjustments are made on an estimation basis without concrete evidence of concealment or inaccurate particulars. The appeal by the revenue was dismissed, affirming that the penalty imposed by the Assessing Officer was not justified. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405433