https://www.taxtmi.com/caselaws?id=424227 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) for the assessment year 2010-11. The penalty was deemed unsustainable as it was based on estimated additions without proof of concealment or inaccurate particulars, following precedents where penalties were set aside due to lack of conclusive evidence. The Tribunal ruled in favor of the assessee, overturning the penalty imposed by the Assessing Officer and confirmed by the CIT(A). en-us Tue, 21 Jun 2022 00:00:00 +0530 Fri, 24 Jun 2022 08:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424227 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) for the assessment year 2010-11. The penalty was deemed unsustainable as it was based on estimated additions without proof of concealment or inaccurate particulars, following precedents where penalties were set aside due to lack of conclusive evidence. The Tribunal ruled in favor of the assessee, overturning the penalty imposed by the Assessing Officer and confirmed by the CIT(A). Case-Laws Income Tax Tue, 21 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424227