https://www.taxtmi.com/caselaws?id=773794 ITAT Delhi ruled in favor of the assessee, deleting penalty u/s 271(1)(c). The tribunal found the penalty notice u/s 274 defective as it failed to specify whether charges were for concealment of income or furnishing inaccurate particulars. Additionally, the AO made ad hoc additions by disallowing 10% of Magazine and Journal expenses without concrete evidence. Following precedents in Technip Italy Spa and Sangrur Vanaspati Mills Ltd., the tribunal held penalty cannot be levied on estimated income additions made without specific evidence of concealment. en-us Fri, 16 May 2025 00:00:00 +0530 Sat, 28 Jun 2025 08:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773794 ITAT Delhi ruled in favor of the assessee, deleting penalty u/s 271(1)(c). The tribunal found the penalty notice u/s 274 defective as it failed to specify whether charges were for concealment of income or furnishing inaccurate particulars. Additionally, the AO made ad hoc additions by disallowing 10% of Magazine and Journal expenses without concrete evidence. Following precedents in Technip Italy Spa and Sangrur Vanaspati Mills Ltd., the tribunal held penalty cannot be levied on estimated income additions made without specific evidence of concealment. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773794