https://www.taxtmi.com/caselaws?id=422838 The Tribunal dismissed most appeals concerning quantum additions and jurisdictional issues, upholding the AO's decisions on various additions like indirect expenditure, incentives received, peak cash credits, unexplained investments, sundry loan creditors, disallowed LIC premium, and estimated profit on old batteries. Penalties under Section 271A for non-maintenance of books of account were confirmed. However, penalties under Section 271B for not filing audit reports were deleted, following precedents stating that if a penalty under Section 271A is imposed, a penalty under Section 271B cannot be levied. en-us Fri, 20 May 2022 00:00:00 +0530 Mon, 23 May 2022 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422838 The Tribunal dismissed most appeals concerning quantum additions and jurisdictional issues, upholding the AO's decisions on various additions like indirect expenditure, incentives received, peak cash credits, unexplained investments, sundry loan creditors, disallowed LIC premium, and estimated profit on old batteries. Penalties under Section 271A for non-maintenance of books of account were confirmed. However, penalties under Section 271B for not filing audit reports were deleted, following precedents stating that if a penalty under Section 271A is imposed, a penalty under Section 271B cannot be levied. Case-Laws Income Tax Fri, 20 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422838