Addition on estimation by AO do not call for initiation of penalty

ACIT Vs Remi Electrotechnik Ltd. (ITAT Mumbai)

Assessing Officer levied penalty under section 271(1)(c) of the Act on estimate basis without any evidence on record with regard to concealment of income. Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concea

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