Liberal construction of sufficient cause justifies condonation of inordinate delay where criminal proceedings and jail confinement explained the defau...
Where addition was made solely on an estimated net profit basis, such estimate falls outside "under-reporting of income" under section 270A(6)(b) provided the accounts are correct and complete to the satisfaction of the assessing officer; accordingly the estimation does not sustain penalty as under-reporting. Separately, penalty proceedings were vitiated by failure to specify the statutory limb of section 270A (whether clauses (2)(a)-(g) or (9)(a)-(f)), rendering initiation of penalty legally untenable; consequence: penalty deleted and appeal allowed. - ITAT
Where addition was made solely on an estimated net profit basis, such estimate falls outside "under-reporting of income" under section 270A(6)(b) provided the accounts are correct and complete to the satisfaction of the assessing officer; accordingly the estimation does not sustain penalty as under-reporting. Separately, penalty proceedings were vitiated by failure to specify the statutory limb of section 270A (whether clauses (2)(a)-(g) or (9)(a)-(f)), rendering initiation of penalty legally untenable; consequence: penalty deleted and appeal allowed. - ITAT
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