https://www.taxtmi.com/caselaws?id=769837 The SC/Tribunal set aside penalty under section 271(1)(c) of Income Tax Act where income addition was based solely on estimated net profit rates. The appellate authorities progressively reduced the profit rate from 12% to 6%, indicating lack of concrete evidence of income concealment. Since the income assessment was fundamentally estimation-based, the penalty was not justified and the impugned order was consequently overturned. en-us Tue, 29 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769837 The SC/Tribunal set aside penalty under section 271(1)(c) of Income Tax Act where income addition was based solely on estimated net profit rates. The appellate authorities progressively reduced the profit rate from 12% to 6%, indicating lack of concrete evidence of income concealment. Since the income assessment was fundamentally estimation-based, the penalty was not justified and the impugned order was consequently overturned. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769837