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2021 (6) TMI 544 - ITAT HYDERABAD
Penalty levied u/s 271(1)(c) - non-disclosure of the contract works and addition made on estimated basis - HELD THAT:- We observe that the penalty has been imposed by the Assessing officer on the estimated additions and rejected books of accounts of the assessee applying sec.145(3) of the Act for furnishing inaccurate particulars leading to concealment of income u/s 271(1)(c ) of the Act.
On a similar issue the coordinate bench of this Tribunal [2021 (5) TMI 437 - ITAT HYDERABAD] has decided the appeal in favour of the assessee holding that penalty cannot be imposed on estimated additions made by the Assessing officer. Appeal of the assessee is allowed.