https://www.taxtmi.com/caselaws?id=284204 The ITAT Jaipur Bench ruled in favor of the appellant, directing the deletion of penalties imposed under section 271(1)(c) for both trading additions and additions under section 68 of the Income Tax Act, 1961. The Tribunal emphasized the need for reasonable estimation of profits and rejected penalties based solely on estimates. The decision was influenced by past judgments and legal principles, providing relief to the appellant against the penalties levied by the AO. en-us Fri, 16 Dec 2016 00:00:00 +0530 Thu, 07 Nov 2019 06:16:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284204 The ITAT Jaipur Bench ruled in favor of the appellant, directing the deletion of penalties imposed under section 271(1)(c) for both trading additions and additions under section 68 of the Income Tax Act, 1961. The Tribunal emphasized the need for reasonable estimation of profits and rejected penalties based solely on estimates. The decision was influenced by past judgments and legal principles, providing relief to the appellant against the penalties levied by the AO. Case-Laws Income Tax Fri, 16 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284204