https://www.taxtmi.com/caselaws?id=417063 The Tribunal dismissed the revenue's appeal and ordered the deletion of the penalty imposed under section 271(1)(c). It held that penalties cannot be levied on adhoc estimations and emphasized that concealment of income or furnishing inaccurate particulars must be proven for such penalties to apply. The Tribunal highlighted that in cases involving estimated income, penalties were not justified as there was no positive act of concealment. Relying on precedents from various High Courts, the Tribunal concluded that applying estimated profit rates on turnover does not constitute concealment or furnishing inaccurate particulars, leading to the deletion of the penalty in this case. en-us Tue, 04 Jan 2022 00:00:00 +0530 Fri, 14 Jan 2022 08:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417063 The Tribunal dismissed the revenue's appeal and ordered the deletion of the penalty imposed under section 271(1)(c). It held that penalties cannot be levied on adhoc estimations and emphasized that concealment of income or furnishing inaccurate particulars must be proven for such penalties to apply. The Tribunal highlighted that in cases involving estimated income, penalties were not justified as there was no positive act of concealment. Relying on precedents from various High Courts, the Tribunal concluded that applying estimated profit rates on turnover does not constitute concealment or furnishing inaccurate particulars, leading to the deletion of the penalty in this case. Case-Laws Income Tax Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417063