Chennai ITAT Quashes Tax Penalty U/S 271(1)(c) on Estimated Income, Allows Four Appeals

The taxpayer is Mr Abdul Rahim, who was engaged in the business of trading Basmati rice through his proprietorship, M/s. Excellent Food Products. He also owned a restaurant named M/s. A.R. Rahaman Biryani. On August 24, 2015, a search and seizure operation was conducted at Mr Rahim’s residence, along with a survey at his business […] The post Chennai ITAT Quashes Tax Penalty U/S 271(1)(c) on Estimated Income, Allows Four Appeals first appeared on SAG Infotech Official Tax Blog.