Penalty u/s 271(1)(c) not imposable when income assessed on estimate basis

Mohd. Jawed Vs ITO (ITAT Delhi) ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not imposable when income is assessed on estimate basis and accordingly additions are made therein on estimate basis. Facts- The assessment order u/s 147/144 was passed on total income of Rs. 16,85,210/- the penalty proceedings u/s 271 (1)(c) of the Act were initiated for furnishing inaccurate particulars of income and concealment of income. During the penalty proceedings, A.O. imposed penalty of Rs. 28,000/-. The order passed u/s 271(1)(c) has been challenged by the Assessee before the C...