M/S EKLAVYA ESTATE PVT.LTD.,RANCHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RANCHI, RANCHI

In the result, this appeal of the assessee is allowed

Bench: Shri George Mathan & Shri Ratnesh Nandan Sahaym/S Eklavya Estate Pvt. Ltd., D.C.I.T., H-95, Harmu Housing Colony, Central Circle-2, Vs. Ranchi-834002 (Jharkhand) Ranchi. Pan No. Aabce 5815 F Appellant/ Assessee Respondent/ Revenue

271(1)(c) is not leviable when the profit is estimated. The same corollary in our opinion is also applicable to the provisions of section 270A. Therefore, there is no infirmity in the order of the Commissioner (Appeals) cancelling the penalty levied by the Assessing Officer under section 2704(9) [Para 7.7] Rajendra Bahusaheb Deshmukh vs. Income-tax Officer