https://www.taxtmi.com/caselaws?id=292621 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed by the AO on the gross profit addition for A.Y. 2004-05. The Tribunal found no deliberate concealment by the assessee, emphasizing that the addition was based on estimation due to external factors like exchange rate fluctuations. It noted the absence of discrepancies in the assessee's financial details and concluded that the penalty was unwarranted. en-us Fri, 10 Apr 2015 00:00:00 +0530 Sat, 02 Jan 2021 09:46:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292621 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed by the AO on the gross profit addition for A.Y. 2004-05. The Tribunal found no deliberate concealment by the assessee, emphasizing that the addition was based on estimation due to external factors like exchange rate fluctuations. It noted the absence of discrepancies in the assessee's financial details and concluded that the penalty was unwarranted. Case-Laws Income Tax Fri, 10 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292621