https://www.taxtmi.com/caselaws?id=406744 The Tribunal allowed the appeals by the assessee for A.Y. 1988-89 and 1989-90, resulting in the deletion of penalties under section 271(1)(c). The Tribunal determined that penalties cannot be imposed on income additions made on an estimation basis. Consistency in the decision was maintained for both assessment years, leading to the dismissal of the revenue's appeals. en-us Tue, 13 Apr 2021 00:00:00 +0530 Mon, 28 Oct 2024 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406744 The Tribunal allowed the appeals by the assessee for A.Y. 1988-89 and 1989-90, resulting in the deletion of penalties under section 271(1)(c). The Tribunal determined that penalties cannot be imposed on income additions made on an estimation basis. Consistency in the decision was maintained for both assessment years, leading to the dismissal of the revenue's appeals. Case-Laws Income Tax Tue, 13 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406744