Penalty cannot be imposed for lower gross profit based on mere Assumptions

N.B. Builders & Promoters (P) Ltd Vs CIT (ITAT Chandigarh) The case of N.B. Builders & Promoters (P) Ltd Vs Commissioner of Income Tax (CIT) heard by the Income Tax Appellate Tribunal (ITAT) Chandigarh, presents an important ruling regarding the imposition of penalties for lower gross profit. The tribunal ruled that penalties cannot be imposed for mere lower gross profit based on assumptions and conjectures. The case stems from a series of appeals filed by the Assessee (N.B. Builders & Promoters) against orders of Ld. CIT(A)-3, pertaining to Assessment Years 2015-16 & 2016-17. ...