Penalty Under Section 271(1)(c) of Income Tax Act

Levy of penalty u/s 271(1)(c) of the Income Tax Act

Quick Summary

This case involves an appeal against a penalty levied under Section 271(1)(c) of the Income Tax Act. The Assessing Officer had disallowed purchases based on estimated profit, which was later confirmed by the CIT(A). However, the Tribunal found that when income is sustained on an estimated basis, the penalty under Section 271(1)(c) is not sustainable. Consequently, the Tribunal set aside the penalty order.

Court :
ITAT Mumbai

Brief :
The assessee has filed an appeal against the order of Commissioner of Income Tax (Appeals)-3 passed u/s 271(1)(c) and 250 of the Income Tax Act, 1961.

Citation :
ITA No. 7746/MUM/2019

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Attached File : 1442821_4117_1627894417_ita_no_7746_of_2019_sunmoon.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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