Penalty u/s 270A Not Applicable for Income Underreporting Based on Gross Profit Estimation; AO to Delete Penalty.

Penalty u/s. 270A - GP estimation - underreporting of income - The AO failed to prove underreporting, and the penalty for underreporting of income u/s 270A cannot be imposed based on an estimate. As the addition was made on GP estimation, the penalty is not maintainable, and the AO directed to delete it. - AT .....

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