ITAT deletes Penalty u/s 271A for Estimation-Based Addition and Lack of Reference to Assessee’s Books [Read Order]

By Fidha Lulu K G - On June 7, 2023 6:00 am - 2 mins read

ITAT deletes Penalty - ITAT - Penalty - Estimation-Based Addition and Lack of Reference to Assessee's Books - Estimation-Based Addition - Addition - Assessee's Books - Taxscan

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) recently deleted the penalty under Section 271 A for estimation-based addition with a lack of reference to the Assessee’s books. The assessee Mohammed Rahimuddin declared the commission he received at Rs. 1500/- per truck and thereby worked out the same at Rs. 1.26 lakhs; whereas on…

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