No section 271AAA penalty as additions were purely on estimate basis

Asian Granito India Ltd Vs DCIT (ITAT Ahmedabad)

Conclusion: Penalty levied under Section 271AAA on addition made towards undisclosed investments was not justified as different estimates having been adopted at different stages and consequently the income determined purely on estimate basis in such cases penalty could not be leviable for filing concealment of income or furnishing inaccurate particulars of income by assessee.

Held: Assessee filed an appeal concerning the penalty of ₹20,29,394 levied under Section 271AAA for AY 2008-09. It ha

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