Once Ad-hoc Addition is made and Estimate is reduced by Tribunal, No Penalty on Concealment of Income u/S 271 (1)(c) of Income Tax Act: ITAT [Read Order]

By Aparna. M - On April 29, 2023 8:00 am - 2 mins read

Tribunal - Penalty on Concealment of Income - Penalty - Concealment of Income - Income Tax Act - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai bench in an appeal filed before it, held that once addition has been made on adhoc and estimate which has been reduced by the tribunal, then no penalty should be imposed on concealment of income under Section 27(a)(c) of Income Tax Act, 1961. Dhaval Shah Counsel appeared for…

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