https://www.taxtmi.com/caselaws?id=408760 The Tribunal upheld the Commissioner (Appeals)' decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was deleted as the additions were made on an estimated/ad-hoc basis without evidence of income concealment. Relying on legal precedents, the Tribunal emphasized that penalties are not sustainable when additions are based on estimation. The decision favored the assessee, highlighting the lack of proof of income concealment and the inappropriateness of imposing a penalty based on estimated additions. en-us Thu, 10 Jun 2021 00:00:00 +0530 Mon, 21 Jun 2021 09:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408760 The Tribunal upheld the Commissioner (Appeals)' decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was deleted as the additions were made on an estimated/ad-hoc basis without evidence of income concealment. Relying on legal precedents, the Tribunal emphasized that penalties are not sustainable when additions are based on estimation. The decision favored the assessee, highlighting the lack of proof of income concealment and the inappropriateness of imposing a penalty based on estimated additions. Case-Laws Income Tax Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408760