https://www.taxtmi.com/caselaws?id=761400 ITAT Guwahati dismissed Revenue's appeal against deletion of penalty u/s 271(1)(c). Assessee surrendered Rs. 5 crore income calculated on estimated basis for unrecorded sales without specific incriminating material. The surrendered amount was offered in return and accepted by AO. Despite surrender, assessee showed loss of Rs. 44.99 crore after originally declaring Rs. 54.99 crore loss. CIT(A) correctly deleted penalty following established precedent in Hitech Construction case, finding no infirmity in assessment. en-us Fri, 18 Oct 2024 00:00:00 +0530 Fri, 08 Nov 2024 15:06:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761400 ITAT Guwahati dismissed Revenue's appeal against deletion of penalty u/s 271(1)(c). Assessee surrendered Rs. 5 crore income calculated on estimated basis for unrecorded sales without specific incriminating material. The surrendered amount was offered in return and accepted by AO. Despite surrender, assessee showed loss of Rs. 44.99 crore after originally declaring Rs. 54.99 crore loss. CIT(A) correctly deleted penalty following established precedent in Hitech Construction case, finding no infirmity in assessment. Case-Laws Income Tax Fri, 18 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761400