Section 271(1)(c) penalty based on estimated addition & Defective notice is unsustainable

Jatin Enterprises Vs ACIT (ITAT Mumbai)

Introduction: In the case of Jatin Enterprises vs. ACIT (ITAT Mumbai), the Income Tax Appellate Tribunal (ITAT) delivered a significant ruling regarding the validity of a penalty notice. The appeal was directed against the order of the Commissioner of Income Tax (Appeals) confirming the levy of a penalty under section 271(1)(c) of the Income Tax Act, 1961.

Detailed Analysis: The crux of the matter revolved around the

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