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TMI Blog2014 (11) TMI 939X X X X Extracts X X X X X X X X Extracts X X X X ..... it has been held that as the addition had been sustained purely on estimate basis and no positive fact or finding had been had been found so as to even make the addition which was a pure guess work, no penalty u/s 271(1)(c) of the Act could be said to be leviable on such guess work or estimation – Decided in favour of assessee. - TAX APPEAL NO. 461 of 2000 TO TAX APPEAL NO. 464 of 2000 With TAX APPEAL NO. 833 of 2005 TO TAX APPEAL NO. 836 of 2005 - - - Dated:- 5-11-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. MR JP SHAH, ADVOCATE FOR THE APPELLANT MRS MAUNA M BHATT, ADVOCATE FOR THE RESPONDENT ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law: Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in sustaining the penalty levied under Section 271 (1)(c ) of the Income Tax Act, 1961? 3. The common ground of appeals is regarding additions of ₹ 70000/-, ₹ 1,22,000/-, ₹ 60000/- and ₹ 90000/- made by the assessee for the assessment years 1985-86, 1986-87, 1987-88 and 1988-89 respectively on the basis of unaccounted business profits out of their sales of silver ornaments are not reflected in the books of account. According to the assessee, CIT(A) has erroneously confirmed the additions without considering the various stages where melting had taken place. The Appellate Authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble on record. In the instant case, we are of the opinion that assessment made is just and proper. The statements made in the affidavits are not based on any record or corroborated with cogent evidence. The presumption raised by the papers which were seized from the custody of the appellant had not been rebutted. Therefore, the issues raised in appeals no. 461 to 464 of 2000 are required to be answered in the affirmative and against the assessee. 6.1 So far as the issue involved in appeals no. 833 to 836 of 2005 is concerned, in view of the decisions cited hereinabove by learned advocate for the appellant we are of the opinion that the penalty has been wrongly imposed under Section 271(1)(c) of the Act. In the case of Krishi Tyre Retread ..... X X X X Extracts X X X X X X X X Extracts X X X X
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