https://www.taxtmi.com/caselaws?id=56167 The penalties under sections 271(1)(c) and 273(2)(aa) were canceled in favor of the assessee. The Judicial Member, supported by the Third Member, found insufficient evidence to uphold the penalties. The AO's claims of income concealment and furnishing untrue advance tax estimates were deemed unproven, leading to the cancellation of penalties and a directive for refund if paid by the assessee. en-us Tue, 31 Oct 1995 00:00:00 +0530 Sat, 22 Jun 2013 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56167 The penalties under sections 271(1)(c) and 273(2)(aa) were canceled in favor of the assessee. The Judicial Member, supported by the Third Member, found insufficient evidence to uphold the penalties. The AO's claims of income concealment and furnishing untrue advance tax estimates were deemed unproven, leading to the cancellation of penalties and a directive for refund if paid by the assessee. Case-Laws Income Tax Tue, 31 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56167