https://www.taxtmi.com/caselaws?id=413812 The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal against penalty orders under sections 271(1)(c) and 250 of the Income Tax Act, 1961. The Tribunal ruled that penalty on estimated income was impermissible under section 271(1)(c) and emphasized that disallowance on an ad-hoc basis did not constitute furnishing inaccurate particulars of income. The decision was based on existing legal precedents, and the Revenue failed to present new evidence to challenge the CIT(A)'s findings. As a result, the appeals against the penalty orders were dismissed. en-us Fri, 17 Sep 2021 00:00:00 +0530 Thu, 21 Oct 2021 08:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413812 The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal against penalty orders under sections 271(1)(c) and 250 of the Income Tax Act, 1961. The Tribunal ruled that penalty on estimated income was impermissible under section 271(1)(c) and emphasized that disallowance on an ad-hoc basis did not constitute furnishing inaccurate particulars of income. The decision was based on existing legal precedents, and the Revenue failed to present new evidence to challenge the CIT(A)'s findings. As a result, the appeals against the penalty orders were dismissed. Case-Laws Income Tax Fri, 17 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413812