https://www.taxtmi.com/caselaws?id=396374 The ITAT Rajkot quashed the penalty order under section 271(1)(c) of the Income Tax Act, 1961, favoring the assessee. The Tribunal found penalties unjustified for estimated additions, as the Assessing Officer's assumptions lacked explicit evidence of gross negligence or concealment. Additionally, procedural issues due to the Covid-19 lockdown were addressed, excluding the lockdown period from the time limit for pronouncing orders. The appeal was allowed, highlighting established legal principles against imposing penalties based on assumptions. en-us Mon, 29 Jun 2020 00:00:00 +0530 Fri, 08 Nov 2024 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396374 The ITAT Rajkot quashed the penalty order under section 271(1)(c) of the Income Tax Act, 1961, favoring the assessee. The Tribunal found penalties unjustified for estimated additions, as the Assessing Officer's assumptions lacked explicit evidence of gross negligence or concealment. Additionally, procedural issues due to the Covid-19 lockdown were addressed, excluding the lockdown period from the time limit for pronouncing orders. The appeal was allowed, highlighting established legal principles against imposing penalties based on assumptions. Case-Laws Income Tax Mon, 29 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396374