https://www.taxtmi.com/caselaws?id=55947 The Appellate Tribunal ITAT Ahmedabad-B canceled penalties imposed under section 271(1)(c) for assessment years 1976-77 and 1977-78. The Tribunal held that penalties based solely on findings in quantum proceedings, which did not reflect actual income, were invalid. It emphasized the need for penalties to be supported by concrete evidence of concealment or inaccurate income particulars, rather than estimates or rejected explanations during assessments. The appellant's appeals were allowed, highlighting the importance of accurate information in penalty imposition. en-us Wed, 23 Aug 1989 00:00:00 +0530 Tue, 30 Nov 2010 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55947 The Appellate Tribunal ITAT Ahmedabad-B canceled penalties imposed under section 271(1)(c) for assessment years 1976-77 and 1977-78. The Tribunal held that penalties based solely on findings in quantum proceedings, which did not reflect actual income, were invalid. It emphasized the need for penalties to be supported by concrete evidence of concealment or inaccurate income particulars, rather than estimates or rejected explanations during assessments. The appellant's appeals were allowed, highlighting the importance of accurate information in penalty imposition. Case-Laws Income Tax Wed, 23 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55947