https://www.taxtmi.com/caselaws?id=408911 The Tribunal dismissed the Revenue's appeal challenging the penalty confirmation under section 271(1)(c) of the Income Tax Act, 1961. The Commissioner (Appeals) had deleted the penalty based on judicial precedents, highlighting that penalties imposed on an estimate basis without concrete evidence for income concealment are not sustainable. The Tribunal upheld this decision, emphasizing the lack of proof of income concealment and the unjustified imposition of penalties solely on an estimate basis. en-us Wed, 02 Jun 2021 00:00:00 +0530 Thu, 24 Jun 2021 08:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408911 The Tribunal dismissed the Revenue's appeal challenging the penalty confirmation under section 271(1)(c) of the Income Tax Act, 1961. The Commissioner (Appeals) had deleted the penalty based on judicial precedents, highlighting that penalties imposed on an estimate basis without concrete evidence for income concealment are not sustainable. The Tribunal upheld this decision, emphasizing the lack of proof of income concealment and the unjustified imposition of penalties solely on an estimate basis. Case-Laws Income Tax Wed, 02 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408911