https://www.taxtmi.com/caselaws?id=775787 The ITAT Patna held that penalty under section 271(1)(c) based on estimated gross profit on unaccounted sales, after rejection of books, cannot be sustained. The CIT(A) had reduced the addition from 8% to 4%, and substantial relief was granted in the quantum appeal. Relying on precedent, the tribunal allowed the assessee's appeals, setting aside the penalty imposed by the AO. en-us Tue, 29 Jul 2025 00:00:00 +0530 Thu, 31 Jul 2025 08:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775787 The ITAT Patna held that penalty under section 271(1)(c) based on estimated gross profit on unaccounted sales, after rejection of books, cannot be sustained. The CIT(A) had reduced the addition from 8% to 4%, and substantial relief was granted in the quantum appeal. Relying on precedent, the tribunal allowed the assessee's appeals, setting aside the penalty imposed by the AO. Case-Laws Income Tax Tue, 29 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775787