https://www.taxtmi.com/caselaws?id=759645 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. It held that penalties cannot be levied on estimated income. Consequently, the Tribunal directed the deletion of the penalty, overturning the CIT(A)'s decision and allowing the appeal. en-us Wed, 25 Sep 2024 00:00:00 +0530 Sat, 05 Oct 2024 08:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759645 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. It held that penalties cannot be levied on estimated income. Consequently, the Tribunal directed the deletion of the penalty, overturning the CIT(A)'s decision and allowing the appeal. Case-Laws Income Tax Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759645