Penalty cannot be levied based on Estimate Addition: ITAT [Read Order]

Penalty - Estimate Addition - levied - ITAT - Taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty order under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied merely based on estimate addition. Penalty proceedings were initiated against the assessee, Sri Saibaba Swamigal Thirumana Mandapam, in the assessment order. The assessee challenged the order contending…

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