https://www.taxtmi.com/caselaws?id=413773 The Income Tax Appellate Tribunal upheld the deletion of a penalty under Section 271(1)(c) of the Income Tax Act for the Assessment Year 2009-10. The penalty was initially imposed by the Assessing Officer but was deleted by the Commissioner of Income-tax (Appeals) and upheld by the Tribunal. The Tribunal emphasized that penalties cannot be levied when income is determined based on ad hoc estimations, as there was no concrete evidence of concealment or furnishing inaccurate particulars of income. The decision aligned with established legal principles requiring concrete evidence for imposing penalties, particularly in cases involving estimated income. en-us Mon, 13 Sep 2021 00:00:00 +0530 Wed, 20 Oct 2021 09:11:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413773 The Income Tax Appellate Tribunal upheld the deletion of a penalty under Section 271(1)(c) of the Income Tax Act for the Assessment Year 2009-10. The penalty was initially imposed by the Assessing Officer but was deleted by the Commissioner of Income-tax (Appeals) and upheld by the Tribunal. The Tribunal emphasized that penalties cannot be levied when income is determined based on ad hoc estimations, as there was no concrete evidence of concealment or furnishing inaccurate particulars of income. The decision aligned with established legal principles requiring concrete evidence for imposing penalties, particularly in cases involving estimated income. Case-Laws Income Tax Mon, 13 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413773