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2020 (6) TMI 105 - AT - Income TaxPenalty u/s 271(1)(c) - estimation of net profit - Addition to assessee’s income is made on estimate basis - HELD THAT:- It is a settled principle of law that where addition to assessee’s income is made on estimate basis penalty under section 271(1)(c) cannot be imposed. The different judicial form has already decided in favour of the assessee on the identical issue, of such is passed in the case of Naresh Chand Agarwal [2013 (6) TMI 68 - ALLAHABAD HIGH COURT] We have further gone through the written submission made before the authorities below by the appellant. It is on record that the addition was made on estimation of net profit @ 1.5% by the Ld. AO and hence we find there is no merit in levying penalty under section 271(1)(c) - Decided in favour of assessee Order being pronounced after ninety (90) days of hearing - COVID-19 pandemic and lockdown - HELD THAT:- Taking note of the extraordinary situation in the light of the COVID-19 pandemic and lockdown, the period of lockdown days need to be excluded. See case of DCIT vs. JSW Limited [2020 (5) TMI 359 - ITAT MUMBAI]
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