https://www.taxtmi.com/caselaws?id=430288 The Tribunal found that the penalty imposed under Section 271(1)(c) of the Income Tax Act was unjustified as the income was estimated based on bank deposits without clear evidence of turnover suppression. Citing relevant case law, the Tribunal emphasized the need for strict interpretation of penalty provisions and concluded that the penalty for furnishing inaccurate particulars was unwarranted. As a result, the penalty of Rs. 39,504/- was deleted, and the appeal by the assessee was allowed. en-us Thu, 22 Sep 2022 00:00:00 +0530 Wed, 16 Nov 2022 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430288 The Tribunal found that the penalty imposed under Section 271(1)(c) of the Income Tax Act was unjustified as the income was estimated based on bank deposits without clear evidence of turnover suppression. Citing relevant case law, the Tribunal emphasized the need for strict interpretation of penalty provisions and concluded that the penalty for furnishing inaccurate particulars was unwarranted. As a result, the penalty of Rs. 39,504/- was deleted, and the appeal by the assessee was allowed. Case-Laws Income Tax Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430288