Addition Made Purely on Estimation Basis , No Penalty shall be Leviable u/s 271(1)(c) of Income Tax Act : ITAT Deletes Penalty [Read Order]

By Ipsita Das - On July 15, 2023 8:00 am - 2 mins read

Addition - Made - Purely - Estimation - Basis - No - Penalty - Leviable - Income - Tax - Act - TAXSCANAddition - Made - Purely - Estimation - Basis - No - Penalty - Leviable - Income - Tax - Act - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the penalty levied under Section 271(1)(c) of the Income Tax Act,1961 is liable to be cancelled in the instant cases since the additions have been made on estimated basis. The assessee Fancy Diamonds India Pvt. Ltd. is engaged in the business of manufacturing and…

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