No Penalty on additions made on estimation basis without evidencing concealment of income

ITAT AMRITSAR BENCH Income-tax Officer Versus Sukhamrit Singh IT Appeal No.451 (Asr) of 2011 [ASSESSMENT YEAR 2005-06] Date of Pronouncement – 05.09.2012 ORDER 1. The Revenue has filed the present appeal against the impugned order of the Commissioner of Income-tax (Appeals), Amritsar, dated May 31, 2011 for the assessment year 2005-06. 2. The facts relating to the issue in dispute are that the assessee is an individual and filed his return of income on October 31, 2005 declaring income at Rs. 1,57,120 and agricultural income at Rs. 80,000. The Assessing Officer processe...