https://www.taxtmi.com/caselaws?id=411461 The ITAT allowed the Assessee's appeal against a penalty order under section 271(1)(c) of the Income Tax Act for AY 2013-2014. The Assessee's penalty for furnishing inaccurate income particulars was contested due to disallowed expenses. The ITAT found the disallowance was estimated at 15%, indicating no deliberate inaccuracy. Relying on precedents, the ITAT held penalties cannot be imposed on estimated additions. Consequently, the penalty was overturned, emphasizing it was unjustified given the estimated nature of the income determination. The judgment was delivered on 17/08/2021 in Ahmedabad. en-us Tue, 17 Aug 2021 00:00:00 +0530 Wed, 25 Aug 2021 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411461 The ITAT allowed the Assessee's appeal against a penalty order under section 271(1)(c) of the Income Tax Act for AY 2013-2014. The Assessee's penalty for furnishing inaccurate income particulars was contested due to disallowed expenses. The ITAT found the disallowance was estimated at 15%, indicating no deliberate inaccuracy. Relying on precedents, the ITAT held penalties cannot be imposed on estimated additions. Consequently, the penalty was overturned, emphasizing it was unjustified given the estimated nature of the income determination. The judgment was delivered on 17/08/2021 in Ahmedabad. Case-Laws Income Tax Tue, 17 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411461