Section 271(1)(c) Penalty not Applicable if Income Computed on Estimated Basis

NBK Infrastructure P. Ltd Vs JCIT (ITAT Delhi) The Hon’ble Punjab & Haryana High Court in the case of Hari Gopal Singh Vs. CIT 258 ITR 85 held that when the additions are made on estimate basis that by itself does not lead to the conclusion that the assessee either concealed the particulars of his income or furnished inaccurate particulars of such income. Similar view has been taken by the Hon’ble Delhi High Court in the case of CIT Vs. Aero Traders Pvt. Ltd. 322 ITR 316 wherein the Hon’ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied...