Determination of Income of assessee on certain Estimate not sufficient to constitute Concealed Income: ITAT deletes Penalty [Read Order]

By Aparna. M - On September 10, 2023 12:15 pm - 2 mins read
Determination - Income - assessee - Estimate - sufficient - constitute- Concealed -Income-ITAT - Penalty-TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that determination of income of assessee on certain estimate was not sufficient to constitute concealed income. Hence, the bench deleted the penalty imposed under Section 271(1)(c) of the Income Tax Act. Assessee, Bhawarlal Tarachandji filed the appeal against the penalty order passed under Section  271(1)(c) of…

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