ITAT deletes Penalty on Estimated addition from Sales Tax Department Info

Jaisingh H. Solanki Vs ITO (ITAT Mumbai) Introduction: In a recent decision, the Income Tax Appellate Tribunal (ITAT) Mumbai addressed an appeal filed by Jaisingh H. Solanki against the order of the Commissioner of Income Tax (Appeals)/NFAC, Delhi. The dispute revolved around the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2010-11. The ITAT’s ruling focused on the AO’s levy of the penalty, which was based on estimated quantum additions derived from information provided by the Sales Tax Department. Detailed Analysis: Jaisingh H. Solanki, an ...