No penalty for Addition on Estimation Basis under section 271(1)(c)

Raj Kumar Aggarwal Vs ITO (ITAT Delhi) The Hon’ble Punjab & Haryana High Court in the case of Hari Gopal Singh Vs. CIT (258 ITR 85) held that when addition was made on estimation basis that by itself does not lead to the conclusion that the assessee either concealed the particulars of income or furnished inaccurate particulars of such income. Similar view has been taken by the Hon’ble Delhi High Court in the case of CIT Vs. Aero Traders Pvt. Limited (322 ITR 316), wherein the Hon’ble High Court affirm the order of the Tribunal in holding that the estimated rate of profit applied on t...