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2023 (11) TMI 78 - AT - Income TaxPenalty u/s 271(1)(c) - estimation on income on Unexplained cash deposits in the saving bank account -assessee had stated that he was earning agricultural income from last many years and he has deposited the said cash from earning from the agricultural activities - AO has partly accepted assessee submission and estimated the income - HELD THAT:- The issue involved in the present appeal is no longer res integra. The question as to whether the penalty u/s 271(1)(c) of the Act, on estimated addition is sustainable or not, was considered by various judicial forums across India. As find in the case of Gipilon Texturising Pvt. Ltd. Vs. ITO [2021 (4) TMI 860 - ITAT SURAT] held that penalty on estimated addition is not sustainable in the eye of law - Penalty deleted - Decided in favour of assessee.
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