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TMI Blog2018 (10) TMI 2037X X X X Extracts X X X X X X X X Extracts X X X X ..... articulars is only an estimate and it is settled law that penalty is not attracted on estimated additions. The Hon'ble Delhi High Court in the case of CIT vs. Aero Traders Pvt. Ltd., [ 2010 (1) TMI 32 - DELHI HIGH COURT] has held that no penalty u/s 271(1)(c) can be imposed when income is Assessment year 2005-06 determined on estimate basis. Similar view has been taken in the case of Harigopal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax (A) has upheld the levy of penalty amounting to Rs. 2,67,390/- imposed u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter called 'the Act'). Assessment year 2005-06 2.0 Brief facts of the case are that the return of income was filed declaring an income of Rs. 6,08,810/-. During the course of assessment proceedings, the Assessing Officer observed that the assessee had claimed expen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AR submitted that the assessee has been maintaining regular books of accounts with respect to the hire charges and maintenance charges but the Ld. Commissioner of Income Tax (A) had rejected the assessee's plea for admitting Assessment year 2005-06 additional evidence as well as examining the books of accounts. It was also submitted that even the Ld. Commissioner of Income Tax (A) had par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present appeal that the quantification of the alleged concealment/inaccurate particulars is only an estimate and it is settled law that penalty is not attracted on estimated additions. The Hon'ble Delhi High Court in the case of CIT vs. Aero Traders Pvt. Ltd., reported in 322 ITR 316 (Del), has held that no penalty u/s 271(1)(c) can be imposed when income is Assessment year 2005-06 determined ..... X X X X Extracts X X X X X X X X Extracts X X X X
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