Penalties under Section 271(1)(c) cannot be imposed on estimated additions

Shiv Agrevo Ltd. Vs DCIT (ITAT Jaipur) The case of Shiv Agrevo Ltd. vs. DCIT (ITAT Jaipur) revolves around the imposition of a penalty under Section 271(1)(c) of the Income Tax Act, 1961. The assessee, Shiv Agrevo Ltd., appealed against the penalty order dated 19-03-2020 for the assessment year 2015-16, arguing that the penalty was imposed on an estimated basis without concrete evidence of concealment or inaccurate particulars of income. The ITAT Jaipur bench, after detailed examination, delivered a judgment favoring the assessee, setting a significant precedent for similar cases. Shiv Agrevo ...