https://www.taxtmi.com/caselaws?id=777524 ITAT CHENNAI - AT allowed the appeal and deleted the penalty under s.271(1)(c). The net income had been fixed at 8% of turnover by direction of the PCIT under s.264, i.e., on an estimated basis, and reliance on precedent from the HC indicated penalty cannot be imposed where income is determined by estimation. The Tribunal held the AO was not justified in levying the penalty and set aside the assessments to that extent. en-us Fri, 10 Jan 2025 00:00:00 +0530 Mon, 01 Sep 2025 08:13:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777524 ITAT CHENNAI - AT allowed the appeal and deleted the penalty under s.271(1)(c). The net income had been fixed at 8% of turnover by direction of the PCIT under s.264, i.e., on an estimated basis, and reliance on precedent from the HC indicated penalty cannot be imposed where income is determined by estimation. The Tribunal held the AO was not justified in levying the penalty and set aside the assessments to that extent. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777524