https://www.taxtmi.com/caselaws?id=408648 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, stating that penalties cannot be levied on estimated additions. The rejection of books of accounts under Section 145(3) was also overturned due to lack of concrete evidence. The Tribunal directed the Assessing Officer to delete the penalty and allowed the appeal of the assessee. en-us Tue, 15 Jun 2021 00:00:00 +0530 Thu, 17 Jun 2021 09:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408648 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, stating that penalties cannot be levied on estimated additions. The rejection of books of accounts under Section 145(3) was also overturned due to lack of concrete evidence. The Tribunal directed the Assessing Officer to delete the penalty and allowed the appeal of the assessee. Case-Laws Income Tax Tue, 15 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408648