Penalty u/s 271(1)(c) not sustained as concealment or furnishing inaccurate particulars not proved

Goldstar Finvest Pvt. Ltd. Vs  Commissioner of Income Tax (ITAT Mumbai)

ITAT Mumbai held that penalty u/s 271(1)(c) of the Income Tax Act unsustainable as entire addition is made on estimation basis and at no point of time it is proved that assessee has concealed the particulars of income or has furnished inaccurate particulars of income.

Facts- On the basis of completed assessment framed under section 143(3) read with 153C of the Income Tax Act, 1961 (for short ‘the Ac

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