https://www.taxtmi.com/caselaws?id=463506 ITAT MUMBAI reduced an ad hoc addition for petty commission income from 1.5% to 0.10% and held the penalty under s.271(1)(c) invalid. The Tribunal found the additions were merely estimates based on statements during search proceedings and there was no cogent material proving deliberate concealment. The AO also erred by invoking both limbs of s.271(1)(c) without framing specific charges, a mandatory step, rendering the penalty null and void. Decision in favour of the assessee. en-us Wed, 19 Feb 2020 00:00:00 +0530 Thu, 04 Sep 2025 13:12:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463506 ITAT MUMBAI reduced an ad hoc addition for petty commission income from 1.5% to 0.10% and held the penalty under s.271(1)(c) invalid. The Tribunal found the additions were merely estimates based on statements during search proceedings and there was no cogent material proving deliberate concealment. The AO also erred by invoking both limbs of s.271(1)(c) without framing specific charges, a mandatory step, rendering the penalty null and void. Decision in favour of the assessee. Case-Laws Income Tax Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463506