Penalty u/s 270A Not Applicable for Income Underreporting Based on Gross Profit Estimation; AO to Delete Penalty.

Penalty u/s 270A Not Applicable for Income Underreporting Based on Gross Profit Estimation; AO to Delete Penalty. https://www.taxtmi.com/highlights?id=70306 Penalty u/s. 270A - GP estimation - underreporting of income - The AO failed to prove underreporting, and the penalty for underreporting of income u/s 270A cannot be imposed based on an estimate. As the addition was made on GP estimation, the penalty is not maintainable, and the AO directed to delete it. - AT en-us Tue, 13 Jun 2023 11:38:02 +0530 Tue, 13 Jun 2023 15:40:05 +0530 TaxTMI RSS Generator Penalty u/s 270A Not Applicable for Income Underreporting Based on Gross Profit Estimation; AO to Delete Penalty. https://www.taxtmi.com/highlights?id=70306 Penalty u/s. 270A - GP estimation - underreporting of income - The AO failed to prove underreporting, and the penalty for underreporting of income u/s 270A cannot be imposed based on an estimate. As the addition was made on GP estimation, the penalty is not maintainable, and the AO directed to delete it. - AT Highlights Income Tax Tue, 13 Jun 2023 11:38:02 +0530 https://www.taxtmi.com/highlights?id=70306