https://www.taxtmi.com/caselaws?id=405790 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) for the Assessment Year 2009-10. The penalty was annulled as the Tribunal found that there was no active concealment of income by the assessee, and the additions were made on an estimated basis without concrete evidence of actual concealment. The Tribunal concluded that penalties are not sustainable when additions are based on estimations, ultimately ruling in favor of the appellant and overturning the penalties imposed by the Assessing Officer and confirmed by the Ld. CIT(A). en-us Thu, 25 Mar 2021 00:00:00 +0530 Sat, 27 Mar 2021 07:40:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405790 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) for the Assessment Year 2009-10. The penalty was annulled as the Tribunal found that there was no active concealment of income by the assessee, and the additions were made on an estimated basis without concrete evidence of actual concealment. The Tribunal concluded that penalties are not sustainable when additions are based on estimations, ultimately ruling in favor of the appellant and overturning the penalties imposed by the Assessing Officer and confirmed by the Ld. CIT(A). Case-Laws Income Tax Thu, 25 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405790