https://www.taxtmi.com/caselaws?id=441845 The penalty levied under section 271(1)(c) for additions made during the original assessment for the assessment year 2015-16 is deleted. The penalty for the estimated disallowance of expenses and the amount received from Hindustan Unilever Ltd. is cancelled as they were based on presumption and not lack of evidence. Additionally, the penalty related to concealment of income from property sale cannot be upheld due to the absence of mention in the assessment order. The appeal of the assessee is allowed, and the penalties are deleted based on legal precedents and principles of consistency. en-us Wed, 16 Aug 2023 00:00:00 +0530 Fri, 18 Aug 2023 08:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441845 The penalty levied under section 271(1)(c) for additions made during the original assessment for the assessment year 2015-16 is deleted. The penalty for the estimated disallowance of expenses and the amount received from Hindustan Unilever Ltd. is cancelled as they were based on presumption and not lack of evidence. Additionally, the penalty related to concealment of income from property sale cannot be upheld due to the absence of mention in the assessment order. The appeal of the assessee is allowed, and the penalties are deleted based on legal precedents and principles of consistency. Case-Laws Income Tax Wed, 16 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441845