Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 390 - ITAT DELHIPenalty u/s 271(1)(c) - addition as made as “income from other sources” - assessee had taken loans and advances from various parties and AO had made addition of interest calculated @ 0.5% on the aggregate amount of loan - HELD THAT:- The addition has been made on purely at the estimate basis. It is a settled position that on the addition made on estimate basis, no penalty u/s 271(1)(c) of the Act is leviable as for levying of penalty u/s 271(1)(c) AO has to clearly prove that assessee has concealed his income or has furnished inaccurate particulars of income. Considering the undisputed fact that addition on which the penalty has been levied is on estimate basis, we are of the view that AO was not justified in leving of penalty u/s 271(1)(c) of the Act. Decided in favour of assessee.
|