ITAT Deletes ₹55,14,076 Penalty for Concealment of Income, Citing Inconsistencies in Income Assessment Estimates [Read Order]
The tribunal ruled that the shifting basis of income determination, from gross profit to net profit, along with differing estimates across authorities, did not justify the penalty
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the penalty of ₹55,14,076 imposed under Section 271(1)(c) of the Income Tax Act,1961, for concealment of income, citing significant inconsistencies in the income assessment estimates at various appellate stages. Asian Granito India Ltd.,the appellant-assessee,was engaged in the manufacture and sale of vitrified tiles….
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