https://www.taxtmi.com/caselaws?id=301490 The Tribunal allowed three appeals by the assessee against penalties imposed under section 271(1)(c) of the Income-tax Act for assessment years 2010-11, 2011-12, and 2012-13. The Tribunal held that penalties are not applicable for additions made solely on an estimation basis, citing legal precedents. As no deliberate concealment was found, penalties were deleted for all three assessment years. The judgment clarifies the distinction between penalties for deliberate concealment and estimations, providing guidance on penalty application under section 271(1)(c) in cases involving estimation-based additions. en-us Fri, 29 Sep 2017 00:00:00 +0530 Wed, 06 Apr 2022 22:01:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301490 The Tribunal allowed three appeals by the assessee against penalties imposed under section 271(1)(c) of the Income-tax Act for assessment years 2010-11, 2011-12, and 2012-13. The Tribunal held that penalties are not applicable for additions made solely on an estimation basis, citing legal precedents. As no deliberate concealment was found, penalties were deleted for all three assessment years. The judgment clarifies the distinction between penalties for deliberate concealment and estimations, providing guidance on penalty application under section 271(1)(c) in cases involving estimation-based additions. Case-Laws Income Tax Fri, 29 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301490