https://www.taxtmi.com/caselaws?id=307411 The Tribunal allowed appeals against penalties under sections 271B and 271(1)(c) of the Income-tax Act for Assessment Year 2010-11. The penalties were deemed unjustified and subsequently deleted as the legal basis for imposition was found lacking in both cases. The Tribunal held that penalty for non-maintenance of books should be under section 271A, not 271B, and penalties based on estimated profits were not sustainable without other valid grounds. en-us Wed, 02 Mar 2016 00:00:00 +0530 Wed, 12 Apr 2023 21:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307411 The Tribunal allowed appeals against penalties under sections 271B and 271(1)(c) of the Income-tax Act for Assessment Year 2010-11. The penalties were deemed unjustified and subsequently deleted as the legal basis for imposition was found lacking in both cases. The Tribunal held that penalty for non-maintenance of books should be under section 271A, not 271B, and penalties based on estimated profits were not sustainable without other valid grounds. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307411