https://www.taxtmi.com/caselaws?id=406188 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12. It held that penalties cannot be imposed solely on estimated additions without evidence of concealment, citing legal precedents. The Tribunal emphasized the necessity of a definite finding by the Assessing Officer on concealment or furnishing inaccurate particulars of income for penalty imposition. Relying on judgments by various High Courts, it concluded that penalties based on estimated additions are not justified, directing the Assessing Officer to delete the penalty. en-us Mon, 05 Apr 2021 00:00:00 +0530 Thu, 08 Apr 2021 09:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406188 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12. It held that penalties cannot be imposed solely on estimated additions without evidence of concealment, citing legal precedents. The Tribunal emphasized the necessity of a definite finding by the Assessing Officer on concealment or furnishing inaccurate particulars of income for penalty imposition. Relying on judgments by various High Courts, it concluded that penalties based on estimated additions are not justified, directing the Assessing Officer to delete the penalty. Case-Laws Income Tax Mon, 05 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406188