https://www.taxtmi.com/caselaws?id=405715 The Tribunal upheld the Commissioner of Income-tax (Appeals)' decision to delete penalties levied under Section 271(1)(c) of the Income Tax Act for A.Y. 2009-10 and 2010-11. The Tribunal ruled that penalties cannot be imposed when income is determined by ad hoc estimation without concrete evidence, citing precedents where penalty provisions were not applicable in similar cases. The Tribunal found no evidence of concealment or furnishing inaccurate particulars by the assessee, leading to the dismissal of the revenue's appeals and confirmation of the penalty deletions. en-us Fri, 05 Mar 2021 00:00:00 +0530 Fri, 26 Mar 2021 08:48:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405715 The Tribunal upheld the Commissioner of Income-tax (Appeals)' decision to delete penalties levied under Section 271(1)(c) of the Income Tax Act for A.Y. 2009-10 and 2010-11. The Tribunal ruled that penalties cannot be imposed when income is determined by ad hoc estimation without concrete evidence, citing precedents where penalty provisions were not applicable in similar cases. The Tribunal found no evidence of concealment or furnishing inaccurate particulars by the assessee, leading to the dismissal of the revenue's appeals and confirmation of the penalty deletions. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405715