https://www.taxtmi.com/caselaws?id=61166 The Tribunal allowed the appeal, canceling the penalty levied under Section 271(1)(c) for concealment of income. The delay in filing the appeal was condoned, and the Tribunal focused on the merits of the penalty rather than the jurisdiction and competence of the IAC. The Tribunal found that penalties should not be imposed solely on estimated income and cited relevant case law to support its decision. Ultimately, the penalty was canceled in line with the principles established in previous court decisions. en-us Thu, 11 Feb 1982 00:00:00 +0530 Tue, 11 Jan 2011 11:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61166 The Tribunal allowed the appeal, canceling the penalty levied under Section 271(1)(c) for concealment of income. The delay in filing the appeal was condoned, and the Tribunal focused on the merits of the penalty rather than the jurisdiction and competence of the IAC. The Tribunal found that penalties should not be imposed solely on estimated income and cited relevant case law to support its decision. Ultimately, the penalty was canceled in line with the principles established in previous court decisions. Case-Laws Income Tax Thu, 11 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61166