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

Last updated: 10 August 2021
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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