Delhi ITAT Deletes Section 271(1)(c) Penalty on Estimated Income

Charanjit Singh Vs ITO (ITAT Delhi) Estimated Income Cannot Constitute Concealment- No Concealment in Estimation – ITAT Deletes Penalty u/s 271(1)(c) Delhi ITAT has categorically held that imposition of penalty u/s 271(1)(c) cannot be justified where the income of an assessee is assessed merely on the basis of estimation. The case pertained to assessee wherein AO had treated cash deposits in the bank account as undisclosed income & simultaneously levied penalties for alleged concealment. Assessee had deposited sizeable amounts of cash in his Bank account during the relevant period but ha...