https://www.taxtmi.com/caselaws?id=404050 The Tribunal allowed both the quantum appeal and the penalty appeal in favor of the assessee. The rejection of books of accounts and excessive income estimation by the AO were deemed arbitrary. The Tribunal directed the AO to accept the income declared by the assessee. The penalty under section 271(1)(c) was found unsustainable after quantum additions were disallowed, leading to the allowance of the penalty appeal. The Tribunal's orders on 9th February 2021 favored the assessee in both appeals. en-us Tue, 09 Feb 2021 00:00:00 +0530 Sat, 13 Feb 2021 15:04:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404050 The Tribunal allowed both the quantum appeal and the penalty appeal in favor of the assessee. The rejection of books of accounts and excessive income estimation by the AO were deemed arbitrary. The Tribunal directed the AO to accept the income declared by the assessee. The penalty under section 271(1)(c) was found unsustainable after quantum additions were disallowed, leading to the allowance of the penalty appeal. The Tribunal's orders on 9th February 2021 favored the assessee in both appeals. Case-Laws Income Tax Tue, 09 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404050