https://www.taxtmi.com/caselaws?id=418979 The Tribunal held that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified as it was based on estimates without specific findings of concealment or furnishing inaccurate particulars. The Tribunal directed the deletion of the penalty, ruling in favor of the assessee and emphasizing that penalty proceedings require proof of mens rea, which was not established by the revenue. en-us Mon, 27 Dec 2021 00:00:00 +0530 Mon, 28 Feb 2022 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418979 The Tribunal held that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified as it was based on estimates without specific findings of concealment or furnishing inaccurate particulars. The Tribunal directed the deletion of the penalty, ruling in favor of the assessee and emphasizing that penalty proceedings require proof of mens rea, which was not established by the revenue. Case-Laws Income Tax Mon, 27 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418979