https://www.taxtmi.com/caselaws?id=57309 The appeal challenged the confirmation of a penalty under section 271(1)(c) by the CIT(A), which was based on estimates and lacked evidence of deliberate concealment. The Tribunal found that the penalty was unjustified as there was no proof of conscious concealment or furnishing of inaccurate particulars by the assessee. Consequently, the penalty was canceled, and the appeal was allowed, overturning the decision of the CIT(A) and the AO. en-us Wed, 31 Jan 2001 00:00:00 +0530 Thu, 09 Dec 2010 15:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57309 The appeal challenged the confirmation of a penalty under section 271(1)(c) by the CIT(A), which was based on estimates and lacked evidence of deliberate concealment. The Tribunal found that the penalty was unjustified as there was no proof of conscious concealment or furnishing of inaccurate particulars by the assessee. Consequently, the penalty was canceled, and the appeal was allowed, overturning the decision of the CIT(A) and the AO. Case-Laws Income Tax Wed, 31 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57309