https://www.taxtmi.com/caselaws?id=444288 The Tribunal found that penalties imposed on the Assessee for various assessment years solely based on estimated gross profit without concrete evidence of concealment were unjustified. The Assessee's explanations and supporting documents demonstrating the genuineness of transactions were accepted. Consequently, the Tribunal directed the deletion of penalties for all assessment years, overturning the decisions of the AO and CIT(A). en-us Thu, 04 May 2023 00:00:00 +0530 Thu, 12 Oct 2023 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444288 The Tribunal found that penalties imposed on the Assessee for various assessment years solely based on estimated gross profit without concrete evidence of concealment were unjustified. The Assessee's explanations and supporting documents demonstrating the genuineness of transactions were accepted. Consequently, the Tribunal directed the deletion of penalties for all assessment years, overturning the decisions of the AO and CIT(A). Case-Laws Income Tax Thu, 04 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444288