https://www.taxtmi.com/caselaws?id=758340 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal determined that the penalty was unjustified as the disallowance of expenses was based on an estimated basis, with no concealment of income particulars. Consequently, the Tribunal set aside the CIT(A)/NFAC's order and instructed the Assessing Officer to remove the penalty, ruling in favor of the assessee. en-us Tue, 10 Sep 2024 00:00:00 +0530 Wed, 11 Sep 2024 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758340 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal determined that the penalty was unjustified as the disallowance of expenses was based on an estimated basis, with no concealment of income particulars. Consequently, the Tribunal set aside the CIT(A)/NFAC's order and instructed the Assessing Officer to remove the penalty, ruling in favor of the assessee. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758340