ITAT Deletes Rs.96.62 Lakh Penalty, Rules Section 271(1)(c) Not Applicable on Estimated Additions [Read ORder]
The decision brings closure to the appellant's decade-long tax dispute, though the underlying estimated additions remain unaffected
By Adwaid M S - On May 28, 2025 10:28 am - 2 mins read
The Income Tax Appellate Tribunal (ITAT) Delhi Bench has deleted a penalty of Rs.96.62 lakh imposed on Delhi-based fabric trader Pawan Kumar Gupta, holding that concealment penalties under Section 271(1)(c) cannot be levied on income additions made purely on estimation basis. The decision came as relief for Gupta, who faced penalties for assessment years 2013-14…
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