Penalty u/s 271(1)(c) Cannot be Imposed when Income Determined on Estimate Basis: ITAT [Read Order]

Penalty - Income Determined - Income Determined on Estimate Basis - Estimate Basis - ITAT - Income Tax - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 271(1)(c) of the Income Tax Act could not be imposed when income has been determined on an estimated basis. The assessee Mohmd Umar was engaged in the dealer in timber and wooden items and entire purchase and sales had…

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