Assessee's failure to maintain regular books leads to Section 145(3) application; no penalty u/s 271(1)(c) for estimated additions.

Assessee's failure to maintain regular books leads to Section 145(3) application; no penalty u/s 271(1)(c) for estimated additions. https://www.taxtmi.com/highlights?id=22323 Penalty under section 271(1)(c) - assessee did not maintain regular books of account, and therefore, provisions of section 145(3) were applied and the rates were enhanced by the AO for making estimated addition - It is well settled law that for an estimated addition, no penalty is leviable - AT en-us Wed, 01 Apr 2015 06:27:00 +0530 Wed, 01 Apr 2015 06:27:00 +0530 TaxTMI RSS Generator Assessee's failure to maintain regular books leads to Section 145(3) application; no penalty u/s 271(1)(c) for estimated additions. https://www.taxtmi.com/highlights?id=22323 Penalty under section 271(1)(c) - assessee did not maintain regular books of account, and therefore, provisions of section 145(3) were applied and the rates were enhanced by the AO for making estimated addition - It is well settled law that for an estimated addition, no penalty is leviable - AT Highlights Income Tax Wed, 01 Apr 2015 06:27:00 +0530 https://www.taxtmi.com/highlights?id=22323