https://www.taxtmi.com/caselaws?id=779892 ITAT KOLKATA - AT allowed the appeal and set aside the penalty under s.271(1)(c). The tribunal found the assessing officer's penalty initiation rested on estimated additions without a definite finding on the quantum of concealment. Although the CIT(A) held concealment of Rs.1,50,000, the ITAT concluded the notices and proceedings showed only estimation and, relying on precedent, held this insufficient to sustain penalty liability, thus quashing the impugned penalty order. en-us Thu, 23 Jan 2025 00:00:00 +0530 Wed, 15 Oct 2025 08:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779892 ITAT KOLKATA - AT allowed the appeal and set aside the penalty under s.271(1)(c). The tribunal found the assessing officer's penalty initiation rested on estimated additions without a definite finding on the quantum of concealment. Although the CIT(A) held concealment of Rs.1,50,000, the ITAT concluded the notices and proceedings showed only estimation and, relying on precedent, held this insufficient to sustain penalty liability, thus quashing the impugned penalty order. Case-Laws Income Tax Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779892