https://www.taxtmi.com/caselaws?id=445187 The ITAT SURAT held that penalty under section 271(1)(c) on estimated additions is not sustainable in law. The assessee had unexplained cash deposits in savings account, claiming agricultural income as source. The AO partially accepted the submission and made estimated income addition. Following the precedent in Gipilon Texturising Pvt. Ltd. case, the tribunal ruled that penalties cannot be imposed on estimated additions and deleted the penalty, deciding in favor of the assessee. en-us Mon, 30 Oct 2023 00:00:00 +0530 Wed, 01 Nov 2023 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445187 The ITAT SURAT held that penalty under section 271(1)(c) on estimated additions is not sustainable in law. The assessee had unexplained cash deposits in savings account, claiming agricultural income as source. The AO partially accepted the submission and made estimated income addition. Following the precedent in Gipilon Texturising Pvt. Ltd. case, the tribunal ruled that penalties cannot be imposed on estimated additions and deleted the penalty, deciding in favor of the assessee. Case-Laws Income Tax Mon, 30 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445187