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Documents citing Commissioner Of Income Tax (Central), ... vs M/S Norton Electronics Systems (P) Ltd. on 10 May, 2010

Palanisamy Devi ,Erode vs Acit, Circle-1,, Erode on 5 May, 2025

And also the decision of the Hon'ble Allahabad High Court in the case of CIT v. Norton Electronics Systems (P.) Ltd., reported in [2014] 41 taxmann.com 280 (Allahabad-HC), wherein their lordships held that when the addition is made on the estimate basis, no penalty is sustainable. Since in the present case also, estimation of Rs.16,57,216/- has been purely made on guess work [i.e. undisclosed expenses were computed for earning agricultural income @60% of the total receipt of Rs.33,33,843/-], we are of the view that no penalty u/s.271(1)(c) of the Act was attracted. And moreover, it is common knowledge that estimated quantum addition involves inherent subjectivity, therefore, we direct the ITA No.42/Chny/2025 (AY 2013-14) Palanisamy Devi :: 7 ::
Income Tax Appellate Tribunal - Chennai Cites 9 - Cited by 0 - Full Document
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