Penalty u/s 271(1)(c) is not applicable in case of estimated income


Last updated: 09 May 2023

Court :
ITAT Mumbai Bench

Brief :
When the addition is on estimated basis, penalty u/s. 271(1)(c) of the Act cannot be levied on such ad hoc estimated income. The disallowance of purchases on ad-hoc basis does not tantamount to furnishing inaccurate particulars of income under the provisions of Section 271(1) (c) of the Act.

Citation :
DCIT, CIRCLE-1 VS.SHYAM KUNDANDAS GYANCHANDANI

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