https://www.taxtmi.com/caselaws?id=35803 The High Court upheld the Tribunal's decision not to impose a penalty on the assessee in a case involving estimate-based income assessments. The Court found no legal basis to challenge the Tribunal's factual findings, emphasizing that penalties cannot be imposed solely on such estimates under the Income-tax Act, 1961. The Court dismissed the revenue's petition, highlighting that previous judgments supported the Tribunal's approach and reasoning. en-us Wed, 27 Aug 1980 00:00:00 +0530 Tue, 16 Mar 2010 17:13:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35803 The High Court upheld the Tribunal's decision not to impose a penalty on the assessee in a case involving estimate-based income assessments. The Court found no legal basis to challenge the Tribunal's factual findings, emphasizing that penalties cannot be imposed solely on such estimates under the Income-tax Act, 1961. The Court dismissed the revenue's petition, highlighting that previous judgments supported the Tribunal's approach and reasoning. Case-Laws Income Tax Wed, 27 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35803