https://www.taxtmi.com/caselaws?id=457198 The ITAT allowed the appeal of the assessee, setting aside the order of the Ld. CIT (Appeals) that upheld a penalty under section 271(1)(c) of the Income Tax Act, 1961. The ITAT determined that penalties cannot be imposed on ad hoc or estimated disallowances, referencing relevant legal precedents. Consequently, the Assessing Officer was directed to delete the penalty. en-us Mon, 29 Oct 2018 00:00:00 +0530 Wed, 11 Sep 2024 20:40:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457198 The ITAT allowed the appeal of the assessee, setting aside the order of the Ld. CIT (Appeals) that upheld a penalty under section 271(1)(c) of the Income Tax Act, 1961. The ITAT determined that penalties cannot be imposed on ad hoc or estimated disallowances, referencing relevant legal precedents. Consequently, the Assessing Officer was directed to delete the penalty. Case-Laws Income Tax Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457198