https://www.taxtmi.com/caselaws?id=410259 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the IT Act, 1961. The decision was based on the grounds that estimating profit higher than declared, without evidence of fraud or willful neglect, did not warrant penalty, especially when the declared profit was already on the higher side compared to similar businesses. en-us Tue, 27 Jul 2021 00:00:00 +0530 Wed, 28 Jul 2021 08:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410259 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the IT Act, 1961. The decision was based on the grounds that estimating profit higher than declared, without evidence of fraud or willful neglect, did not warrant penalty, especially when the declared profit was already on the higher side compared to similar businesses. Case-Laws Income Tax Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410259