https://www.taxtmi.com/caselaws?id=459645 ITAT Surat upheld CIT(A)'s decision to restrict addition under Section 68 to 10% of turnover based on estimation, considering assessee's previous years' profit rates. Revenue's grounds were dismissed. Regarding penalty under Section 271(1)(c), ITAT held that additions made on estimation basis without allegations of bogus claims cannot justify penalty for concealment or inaccurate particulars. Following Reliance Petro SC precedent, penalty was deleted as AO imposed it without valid reason solely based on estimated additions. Decision favored assessee. en-us Wed, 25 Apr 2018 00:00:00 +0530 Thu, 19 Dec 2024 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459645 ITAT Surat upheld CIT(A)'s decision to restrict addition under Section 68 to 10% of turnover based on estimation, considering assessee's previous years' profit rates. Revenue's grounds were dismissed. Regarding penalty under Section 271(1)(c), ITAT held that additions made on estimation basis without allegations of bogus claims cannot justify penalty for concealment or inaccurate particulars. Following Reliance Petro SC precedent, penalty was deleted as AO imposed it without valid reason solely based on estimated additions. Decision favored assessee. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459645