{"id":11551,"date":"2020-05-18T01:58:26","date_gmt":"2020-05-18T01:58:26","guid":{"rendered":"http:\/\/itatonline.org\/digest\/s-p-foundations-p-ltd-v-acit-2020-186-dtr-122-chennai-trib\/"},"modified":"2020-05-29T14:01:11","modified_gmt":"2020-05-29T14:01:11","slug":"s-p-foundations-p-ltd-v-acit-2020-186-dtr-122-chennai-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/s-p-foundations-p-ltd-v-acit-2020-186-dtr-122-chennai-trib\/","title":{"rendered":"S &#038; P Foundations (P) Ltd. v. ACIT (2020) 186 DTR 122\/ 203 TTJ 650 (Chennai) (Trib.)"},"content":{"rendered":"<p>Following the ratio in CIT v. Smt. K. Meenakshi Kutty (2002) 258 ITR 494 (Mad.)(HC), the Tribunal held that addition on estmimate basis, does not attract the penalty. As regards unaccounted cash transaction the Levy of penalty is held to be justified. Similarly disallowances u\/s 40(a) (ia) which the\u00a0 assessee failed to add while filing the return u\/s 153A\u00a0 the levy of penalty is held to be justified. (AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 271(1)(c) : Penalty\u2013Concealment\u2013Addition on estimate basis\u2013 Levy of penalty is held to be not justified-Un accounted cash transaction-Levy of penalty is held to be justified\u2013Disallowances u\/s.40(a)(ia)\u2013Levy of penalty is held to be justified. [S. 40(a)(ia), 153A]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11551","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-30j","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11551"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11551\/revisions"}],"predecessor-version":[{"id":11656,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11551\/revisions\/11656"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}