https://www.taxtmi.com/caselaws?id=409074 The Tribunal upheld the Commissioner (Appeals)' decision to delete penalties imposed under section 271(1)(c) of the Income Tax Act. It emphasized that penalties cannot be sustained when imposed on estimation basis without concrete evidence of income concealment. The Tribunal cited legal precedents, including Dilip N. Shroff v. Jt. CIT and CIT v. Reliance Petro Products (P) Ltd., to support its ruling that penalty imposition requires clear evidence of concealment or inaccurate income particulars. The Revenue's appeal was dismissed due to lack of evidence justifying penalties. en-us Thu, 10 Jun 2021 00:00:00 +0530 Tue, 29 Jun 2021 09:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409074 The Tribunal upheld the Commissioner (Appeals)' decision to delete penalties imposed under section 271(1)(c) of the Income Tax Act. It emphasized that penalties cannot be sustained when imposed on estimation basis without concrete evidence of income concealment. The Tribunal cited legal precedents, including Dilip N. Shroff v. Jt. CIT and CIT v. Reliance Petro Products (P) Ltd., to support its ruling that penalty imposition requires clear evidence of concealment or inaccurate income particulars. The Revenue's appeal was dismissed due to lack of evidence justifying penalties. Case-Laws Income Tax Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409074