https://www.taxtmi.com/caselaws?id=57237 The Tribunal concluded that the penalty under Section 271(1)(c) of the IT Act, 1961, was unjustified, as the additions were based on estimates and the assessee's explanation was plausible. It upheld the CIT(A)'s decision to cancel the penalty, citing a lack of material evidence of concealment or inaccurate particulars. Consequently, the Revenue's appeal was dismissed. en-us Wed, 30 Mar 2005 00:00:00 +0530 Fri, 17 May 2024 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57237 The Tribunal concluded that the penalty under Section 271(1)(c) of the IT Act, 1961, was unjustified, as the additions were based on estimates and the assessee's explanation was plausible. It upheld the CIT(A)'s decision to cancel the penalty, citing a lack of material evidence of concealment or inaccurate particulars. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 30 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57237