https://www.taxtmi.com/caselaws?id=299954 The Income Tax Appellate Tribunal (ITAT) allowed the appeals of the assessees in the cases of Smt. Deepika Bhalla and Smt. Satya Bhalla, leading to the deletion of penalties under section 271(1)(c) of the Income Tax Act, 1961. The ITAT emphasized that when additions are estimated and certain aspects of the jewellery are accepted by the department, it does not conclusively establish concealment of income or furnishing inaccurate particulars. The penalties were deleted based on the specific circumstances and explanations provided during the proceedings, highlighting the distinction between assessment and penalty proceedings. en-us Mon, 30 May 2016 00:00:00 +0530 Fri, 07 Jan 2022 08:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299954 The Income Tax Appellate Tribunal (ITAT) allowed the appeals of the assessees in the cases of Smt. Deepika Bhalla and Smt. Satya Bhalla, leading to the deletion of penalties under section 271(1)(c) of the Income Tax Act, 1961. The ITAT emphasized that when additions are estimated and certain aspects of the jewellery are accepted by the department, it does not conclusively establish concealment of income or furnishing inaccurate particulars. The penalties were deleted based on the specific circumstances and explanations provided during the proceedings, highlighting the distinction between assessment and penalty proceedings. Case-Laws Income Tax Mon, 30 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299954