https://www.taxtmi.com/caselaws?id=768693 ITAT Surat held that penalty under Section 271(1)(c) cannot be imposed when additions to income are made on estimation basis. Following the precedent in AKM Resorts case, the tribunal ruled that where the AO makes additions based on estimated net profit rates after rejecting books of account, penalty for concealment of income is not sustainable. Since additions in the assessee's case were confirmed on estimation basis in quantum proceedings, no penalty under Section 271(1)(c) was leviable. The appeal was decided in favor of the assessee. en-us Wed, 09 Apr 2025 00:00:00 +0530 Fri, 11 Apr 2025 08:40:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768693 ITAT Surat held that penalty under Section 271(1)(c) cannot be imposed when additions to income are made on estimation basis. Following the precedent in AKM Resorts case, the tribunal ruled that where the AO makes additions based on estimated net profit rates after rejecting books of account, penalty for concealment of income is not sustainable. Since additions in the assessee's case were confirmed on estimation basis in quantum proceedings, no penalty under Section 271(1)(c) was leviable. The appeal was decided in favor of the assessee. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768693