https://www.taxtmi.com/caselaws?id=408417 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12. The Tribunal emphasized that penalty proceedings are distinct from assessment proceedings, and additions made on an estimation basis during assessment do not automatically warrant a penalty. Citing precedents, the Tribunal concluded that the penalty was not justified in this case, leading to the dismissal of the revenue's appeal and directing the deletion of the penalty. en-us Mon, 31 May 2021 00:00:00 +0530 Thu, 10 Jun 2021 08:41:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408417 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2011-12. The Tribunal emphasized that penalty proceedings are distinct from assessment proceedings, and additions made on an estimation basis during assessment do not automatically warrant a penalty. Citing precedents, the Tribunal concluded that the penalty was not justified in this case, leading to the dismissal of the revenue's appeal and directing the deletion of the penalty. Case-Laws Income Tax Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408417