https://www.taxtmi.com/caselaws?id=410535 The ITAT Mumbai upheld the CIT(A)'s decision and dismissed the revenue's appeal, deleting the penalty under section 271(1)(c) imposed on estimated additions without clear evidence of concealment or inaccurate particulars of income. The ITAT emphasized that penalties should not be levied if the assessee's conduct is not contumacious, citing precedents and the importance of assessing the taxpayer's behavior. The tax effect fell below the CBDT's appeal threshold, and the ITAT rejected the revenue's argument regarding outside agency information, affirming the deletion of the penalty. en-us Mon, 02 Aug 2021 00:00:00 +0530 Wed, 04 Aug 2021 13:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410535 The ITAT Mumbai upheld the CIT(A)'s decision and dismissed the revenue's appeal, deleting the penalty under section 271(1)(c) imposed on estimated additions without clear evidence of concealment or inaccurate particulars of income. The ITAT emphasized that penalties should not be levied if the assessee's conduct is not contumacious, citing precedents and the importance of assessing the taxpayer's behavior. The tax effect fell below the CBDT's appeal threshold, and the ITAT rejected the revenue's argument regarding outside agency information, affirming the deletion of the penalty. Case-Laws Income Tax Mon, 02 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410535