No Section 271(1)(c) Penalty on Estimated Presumptive Additions

K.P. Enterprises Vs ACIT (ITAT Agra) Penalty on Estimated Income Deleted – ITAT Agra Rules No Concealment on Presumptive Additions Assessee, a civil contractor, declared income of ₹41.98 lakh. AO rejected books u/s 145(3) &  estimated profit @ 8% of turnover, computing total income at ₹56.90 lakh. Later, after appeal effects & revisions, assessed income stood at ₹47.44 lakh. AO imposed penalty u/s 271(1)(c) of ₹1.68 lakh alleging concealment. CIT(A) upheld the penalty. Before Tribunal, Assessee argued that both AO & CIT(A) had determined income purely on estimation basis...