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2014 (4) TMI 1171 - AT - Income TaxPenalty u/s 271(1)(c) - incomes estimated from the residential projects under progress on the ground that the assessee has failed to follow the consistent method of accounting - Held that:- From the records it is established that though the assessee had estimated the income from the projects under progress in losses. However, the AO estimated the same @ 20% which was further confirmed by the ld. CIT(A). The assessee went in appeal and the ITAT directed for estimation of the income @5% of the recoveries. The assessee accordingly filed revised computation of income and assessed the same @ 5% of the recoveries as per direction of the ITAT. It was a pure case of estimation of income and not a case of concealment of income or filing of inaccurate particulars of income. The ld. CIT(A) thus rightly deleted the penalty in relation to above noted assessment years. We do not find any infirmity in the order of the ld. CIT(A) and the same is hereby upheld accordingly. - Decided against revenue
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