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2017 (3) TMI 1887 - AT - Income TaxLevying penalty u/s 271(1)(c) - assessee has concealed its income and has furnished inaccurate particulars thereof - AO estimated the profit at the flat rate of 8% and determined the assessment - HELD THAT:- We find, there is no dispute on the fact that the additions made by the AO certainly involves estimations. It is a settled legal proposition in such matters the penalty u/s 271(1)(c) of the Act is not excisable in respect of the ad-hoc additions involving estimations. Accordingly, we are of the considered opinion that this is not a fit case for levy of penalty. Accordingly we order. Thus, grounds raised by the assessee are allowed.
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