https://www.taxtmi.com/caselaws?id=409618 The Tribunal allowed the appeal filed by the assessee, quashing the entire order passed by the CIT(A) and directing the Assessing Officer not to give effect to any part of the CIT(A)'s decision. The Tribunal found the CIT(A)'s decision lacked legal basis and perversity, emphasizing that a mere estimate of income cannot warrant a penalty under section 271(1)(c) of the Income Tax Act. The appeal was allowed, highlighting the CIT(A)'s lack of power to remit the penalty matter to the Assessing Officer. en-us Mon, 12 Jul 2021 00:00:00 +0530 Tue, 13 Jul 2021 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409618 The Tribunal allowed the appeal filed by the assessee, quashing the entire order passed by the CIT(A) and directing the Assessing Officer not to give effect to any part of the CIT(A)'s decision. The Tribunal found the CIT(A)'s decision lacked legal basis and perversity, emphasizing that a mere estimate of income cannot warrant a penalty under section 271(1)(c) of the Income Tax Act. The appeal was allowed, highlighting the CIT(A)'s lack of power to remit the penalty matter to the Assessing Officer. Case-Laws Income Tax Mon, 12 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409618