Books Not Proper, Estimated Income Still Penalised by ITAT

Shyam Construction Company Vs ITO (ITAT Jaipur) Section 270A(6) Shield Unavailable Where Books Are Defective:- Estimated Disallowance Still ‘Under-Reporting’:  Books Not Complete, Estimation Won’t Save Penalty: ITAT Confirms 270A Levy The Jaipur Bench (SMC) of the ITAT, vide common order dated 31.12.2025, in Shri Shyam Construction Company v. ITO, Ward-1(1), Jaipur (ITA Nos. 909 & 910/JPR/2025; AYs 2017-18 & 2018-19), dismissed both appeals of the assessee and upheld levy of penalty u/s 270A for under-reporting of income. The assessee, a civil contractor engaged in construction ...