https://www.taxtmi.com/caselaws?id=437133 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal concluded that the penalty should not have been imposed as the additions were based on estimation, and part relief was granted by the Appellate Authority. The Tribunal relied on a precedent cited by the assessee's counsel in reaching this decision. Consequently, the appeal was successful, and the penalty was removed. en-us Wed, 22 Mar 2023 00:00:00 +0530 Fri, 28 Apr 2023 08:40:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437133 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal concluded that the penalty should not have been imposed as the additions were based on estimation, and part relief was granted by the Appellate Authority. The Tribunal relied on a precedent cited by the assessee's counsel in reaching this decision. Consequently, the appeal was successful, and the penalty was removed. Case-Laws Income Tax Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437133