https://www.taxtmi.com/caselaws?id=408388 The tribunal allowed the appeal filed by the assessee against the penalty order imposed under sections 271(1)(c) and 250 of the Income Tax Act, 1961. The tribunal held that penalty imposition without specific charges and based on estimated income/gross profit adjustments was not justified. Consequently, the assessing officer was directed to delete the penalty, ruling in favor of the assessee and overturning the Commissioner of Income Tax (Appeals) decision. en-us Tue, 01 Jun 2021 00:00:00 +0530 Wed, 09 Jun 2021 09:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408388 The tribunal allowed the appeal filed by the assessee against the penalty order imposed under sections 271(1)(c) and 250 of the Income Tax Act, 1961. The tribunal held that penalty imposition without specific charges and based on estimated income/gross profit adjustments was not justified. Consequently, the assessing officer was directed to delete the penalty, ruling in favor of the assessee and overturning the Commissioner of Income Tax (Appeals) decision. Case-Laws Income Tax Tue, 01 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408388