https://www.taxtmi.com/caselaws?id=395730 The ITAT allowed the appeal, deleting the penalty under section 271(1)(c) for inaccurate particulars of income. The Tribunal determined that the penalty was unjustified as the income addition was based on an estimation without concrete evidence. Citing legal precedents, the Tribunal emphasized that penalties cannot be imposed on estimated additions. Additionally, the Tribunal accounted for the Covid-19 pandemic's impact, excluding the lockdown period from the time limit for pronouncing the order, aligning with legal provisions and higher court directives. en-us Tue, 02 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395730 The ITAT allowed the appeal, deleting the penalty under section 271(1)(c) for inaccurate particulars of income. The Tribunal determined that the penalty was unjustified as the income addition was based on an estimation without concrete evidence. Citing legal precedents, the Tribunal emphasized that penalties cannot be imposed on estimated additions. Additionally, the Tribunal accounted for the Covid-19 pandemic's impact, excluding the lockdown period from the time limit for pronouncing the order, aligning with legal provisions and higher court directives. Case-Laws Income Tax Tue, 02 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395730