https://www.taxtmi.com/caselaws?id=406048 The Appellate Tribunal ITAT MUMBAI ruled in favor of the assessee, dismissing the Revenue's appeal and upholding the decision to delete the penalty imposed under section 271(1)(c) for the assessment year 2011-12. The Tribunal emphasized that penalties should not be imposed on estimated additions and highlighted the importance of precise calculations in tax assessments. The decision underscored established legal principles and precedents, affirming that penalties should not be based on speculative or estimated amounts. en-us Fri, 19 Mar 2021 00:00:00 +0530 Mon, 05 Apr 2021 09:20:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406048 The Appellate Tribunal ITAT MUMBAI ruled in favor of the assessee, dismissing the Revenue's appeal and upholding the decision to delete the penalty imposed under section 271(1)(c) for the assessment year 2011-12. The Tribunal emphasized that penalties should not be imposed on estimated additions and highlighted the importance of precise calculations in tax assessments. The decision underscored established legal principles and precedents, affirming that penalties should not be based on speculative or estimated amounts. Case-Laws Income Tax Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406048