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2021 (5) TMI 296 - ITAT MUMBAIPenalty u/s. 271(1)(c) - Bogus purchases - As onus was on the assessee to establish the genuineness of such purchases by producing such parties before the Assessing Officer and the assessee failed to discharge his onus - CIT-A deleted the penalty - HELD THAT:- CIT(A) has decided the matter of controversy on the basis of decision in the case of Naresh Chand Agarwal [2013 (6) TMI 68 - ALLAHABAD HIGH COURT] and M/s. Manohar Manak Alloys P. Ltd. [2017 (1) TMI 1698 - ITAT MUMBAI] and M/s. Yashraj Films Pvt. Ltd. [2015 (7) TMI 1363 - ITAT MUMBAI] and Simit P. Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT]. Moreover, the Hon’ble Gujarat High Court in the case of National Textiles [2000 (10) TMI 19 - GUJARAT HIGH COURT] has held that the penalty is not leviable when the profit was added on estimation basis. Taking into account all the facts and circumstances of the case, we are of the view that the CIT(Appeals) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with - Decided against revenue.
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