ITAT Rajkot Deletes Search Additions Penalty – Agricultural Income Accepted, Diary Receivables Assessed on Peak Basis, Sec 271AAA Penalty Quashed

Vashrambhai Ghelabhai Ramani Vs DCIT (ITAT Rajkot) ITAT Rajkot Deletes Search Additions Penalty – Agricultural Income Accepted, Diary Receivables Assessed on Peak Basis, Sec 271AAA Penalty Quashed In Vashrambhai Ghelabhai Ramani & Kamlesh Vashrambhai Ramani vs DCIT (AYs 2008-09, 2010-11 & 2011-12), the ITAT Rajkot allowed all appeals arising from search assessments u/s 153A and connected penalty proceedings. For AY 2008-09, the Tribunal deleted addition of ₹10.76 lakh sustained by CIT(A) towards alleged unexplained cash advances for a petrol pump. ITAT held that agricultural income...