https://www.taxtmi.com/caselaws?id=412963 The appeal against the penalty imposition under section 271(1)(c) of the Act was allowed as the rejection of audited statements and estimation of income using the net profit rate rendered the penalty inappropriate. The appeal against quantum additions was dismissed, upholding the findings of the ld. CIT(A) regarding the computation of net profit and disallowance of certain deductions. The appellant's failure to seek rectification led to the dismissal of the appeal. The decisions were pronounced on 22/09/2021. en-us Wed, 22 Sep 2021 00:00:00 +0530 Thu, 30 Sep 2021 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412963 The appeal against the penalty imposition under section 271(1)(c) of the Act was allowed as the rejection of audited statements and estimation of income using the net profit rate rendered the penalty inappropriate. The appeal against quantum additions was dismissed, upholding the findings of the ld. CIT(A) regarding the computation of net profit and disallowance of certain deductions. The appellant's failure to seek rectification led to the dismissal of the appeal. The decisions were pronounced on 22/09/2021. Case-Laws Income Tax Wed, 22 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412963