https://www.taxtmi.com/caselaws?id=758482 ITAT Chennai allowed assessee's appeal regarding computation of income from broiler chicken business. Tribunal applied rule of consistency and directed AO to compute profit at Rs. 0.50 per kg for AY 2011-12 and Rs. 0.75 per kg for AY 2014-15, based on past and subsequent years' profits rather than 8% of purchase value. Penalty under section 271(1)(c) was deleted as estimated additions do not attract penalty for furnishing inaccurate particulars of income. en-us Wed, 28 Aug 2024 00:00:00 +0530 Sat, 14 Sep 2024 08:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758482 ITAT Chennai allowed assessee's appeal regarding computation of income from broiler chicken business. Tribunal applied rule of consistency and directed AO to compute profit at Rs. 0.50 per kg for AY 2011-12 and Rs. 0.75 per kg for AY 2014-15, based on past and subsequent years' profits rather than 8% of purchase value. Penalty under section 271(1)(c) was deleted as estimated additions do not attract penalty for furnishing inaccurate particulars of income. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758482