https://www.taxtmi.com/caselaws?id=443067 In ITA No. 30/Viz/2023 (AY: 2017-18), the Appellate Tribunal reduced the penalty imposed under section 270A on the assessee-firm for underreported income to 50% of the tax payable, as the purchases and sales returns were found to be properly accounted for. The Tribunal also ruled that penalties based on expenditure estimation are not sustainable, leading to the deletion of the penalty imposed by the Assessing Officer. In ITA No. 31/Viz/2023 (AY: 2017-18), the Appellate Tribunal overturned the penalty under section 271B imposed for non-submission of the tax audit report, as the report was prepared for the correct year but uploaded incorrectly. The penalties were deemed unjustified and were deleted in both cases. en-us Wed, 13 Sep 2023 00:00:00 +0530 Fri, 15 Sep 2023 08:54:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443067 In ITA No. 30/Viz/2023 (AY: 2017-18), the Appellate Tribunal reduced the penalty imposed under section 270A on the assessee-firm for underreported income to 50% of the tax payable, as the purchases and sales returns were found to be properly accounted for. The Tribunal also ruled that penalties based on expenditure estimation are not sustainable, leading to the deletion of the penalty imposed by the Assessing Officer. In ITA No. 31/Viz/2023 (AY: 2017-18), the Appellate Tribunal overturned the penalty under section 271B imposed for non-submission of the tax audit report, as the report was prepared for the correct year but uploaded incorrectly. The penalties were deemed unjustified and were deleted in both cases. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443067