ITAT Cancels ₹20,29,394 Penalty u/s 271AAA, Highlighting Variations in Income Assessment Calculations [Read Order]

The tribunal highlighted that the differing assessments indicated a lack of clear evidence for concealment, concluding that penalties could not be imposed based on speculative estimates
By Sneha Sukumaran Mullakkal - On October 17, 2024 8:26 am - 2 mins read
ITAT - cancels - Penalty - Highlighting Variations - Income Assessment Calculations - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) canceled a penalty of ₹20,29,394 imposed under Section 271AAA of the Income Tax Act,1961 emphasizing the significant variations in income assessment calculations during the proceedings for Assessment Year ( AY ) 2008-09. Asian Granito India Ltd.,the appellant-assessee,filed an appeal concerning the penalty of ₹20,29,394…

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