https://www.taxtmi.com/caselaws?id=190247 The ITAT Jaipur allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the appellant. The ITAT found that the rejection of books of account and ad hoc additions did not amount to unquantified surrender, and the penalty was not justified. The decision emphasized the distinction between estimation-based additions and deliberate inaccuracies in income reporting, leading to the deletion of the penalty. en-us Fri, 09 Jan 2015 00:00:00 +0530 Thu, 09 Feb 2017 22:57:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190247 The ITAT Jaipur allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the appellant. The ITAT found that the rejection of books of account and ad hoc additions did not amount to unquantified surrender, and the penalty was not justified. The decision emphasized the distinction between estimation-based additions and deliberate inaccuracies in income reporting, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 09 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190247