https://www.taxtmi.com/caselaws?id=54983 The ITAT canceled the penalties imposed under section 271(1)(c) of the Income-tax Act for the assessment years 1983-84 and 1984-85. It found that the discrepancies noted by the AO were adequately explained by the assessee, and the seized documents were not conclusive evidence of concealment. The penalties were deemed unjustified based solely on estimated additions, leading to the cancellation of penalties for both years. en-us Wed, 21 Jun 2000 00:00:00 +0530 Tue, 23 Nov 2010 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54983 The ITAT canceled the penalties imposed under section 271(1)(c) of the Income-tax Act for the assessment years 1983-84 and 1984-85. It found that the discrepancies noted by the AO were adequately explained by the assessee, and the seized documents were not conclusive evidence of concealment. The penalties were deemed unjustified based solely on estimated additions, leading to the cancellation of penalties for both years. Case-Laws Income Tax Wed, 21 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54983