https://www.taxtmi.com/caselaws?id=408761 The Appellate Tribunal ITAT Mumbai affirmed the decision to delete the penalty imposed under section 271(1)(c) for the assessment year 2010-11. The Tribunal held that penalties cannot be imposed solely on estimated income without evidence of concealment or furnishing inaccurate particulars. The Tribunal found no proven concealment of income and concluded that the additions made on estimation did not warrant the penalty. The decision emphasized the necessity of evidence of concealment or inaccurate particulars for imposing penalties under section 271(1)(c). en-us Thu, 10 Jun 2021 00:00:00 +0530 Mon, 21 Jun 2021 09:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408761 The Appellate Tribunal ITAT Mumbai affirmed the decision to delete the penalty imposed under section 271(1)(c) for the assessment year 2010-11. The Tribunal held that penalties cannot be imposed solely on estimated income without evidence of concealment or furnishing inaccurate particulars. The Tribunal found no proven concealment of income and concluded that the additions made on estimation did not warrant the penalty. The decision emphasized the necessity of evidence of concealment or inaccurate particulars for imposing penalties under section 271(1)(c). Case-Laws Income Tax Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408761