https://www.taxtmi.com/caselaws?id=407363 The Tribunal partially allowed the appeal of the assessee regarding penalty under section 271(1)(c) of the Income-tax Act for the assessment year 2008-09. The Tribunal considered the estimation basis of the additions made by the Assessing Officer and the reasonable explanations provided by the assessee. It found that the penalty was unjustified based on the lack of evidence for certain additions and the reasonable nature of explanations provided for others. As a result, the penalty imposed by the Assessing Officer was set aside by the Tribunal. en-us Tue, 20 Apr 2021 00:00:00 +0530 Sat, 08 May 2021 08:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407363 The Tribunal partially allowed the appeal of the assessee regarding penalty under section 271(1)(c) of the Income-tax Act for the assessment year 2008-09. The Tribunal considered the estimation basis of the additions made by the Assessing Officer and the reasonable explanations provided by the assessee. It found that the penalty was unjustified based on the lack of evidence for certain additions and the reasonable nature of explanations provided for others. As a result, the penalty imposed by the Assessing Officer was set aside by the Tribunal. Case-Laws Income Tax Tue, 20 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407363