https://www.taxtmi.com/caselaws?id=775352 The ITAT Rajkot deleted the penalty under section 271(1)(c) imposed for unexplained income claimed as agricultural income. Neither the AO, CIT(A), nor the ITAT found the assessee's details to be incorrect, erroneous, or false. The tribunal held that penalty requires proof of conscious concealment or furnishing inaccurate particulars, which was absent. Citing precedents, it was reaffirmed that mere addition to income on an estimated basis does not justify penalty unless concealment is established. Consequently, the assessee's appeal was allowed, and the penalty was set aside. en-us Mon, 02 Jun 2025 00:00:00 +0530 Thu, 24 Jul 2025 08:40:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775352 The ITAT Rajkot deleted the penalty under section 271(1)(c) imposed for unexplained income claimed as agricultural income. Neither the AO, CIT(A), nor the ITAT found the assessee's details to be incorrect, erroneous, or false. The tribunal held that penalty requires proof of conscious concealment or furnishing inaccurate particulars, which was absent. Citing precedents, it was reaffirmed that mere addition to income on an estimated basis does not justify penalty unless concealment is established. Consequently, the assessee's appeal was allowed, and the penalty was set aside. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775352