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TMI Blog2015 (12) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... ome nor furnishing inaccurate particulars of income. 2. Because no penalty could be imposed as there is no averment in the assessment order that there was concealment of income or furnishing of inaccurate particulars of income. 3. Because the penalty could be imposed if it was held that there was concealment of income or furnishing of inaccurate particulars of income. 4. Because the learned commissioner of income tax has not held in the appellate order as to how the rulings as cited by us were not applicable and in what ways the ruling cited by him were applicable in our case and accordingly his order is incomplete and arbitrary. 5. That no penalty could be imposed when income is estimated and a higher GP rate is applied. 6. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) CIT vs Krishnaswamy & Sons reported in 219 ITR 157 (Mad); and also (iv) CIT vs Harprasad & Co. Ltd. reported in 328 ITR 53 (Del) 6. From the above Para from the order of the Ld. CIT (A), it is seen that the only argument which was raised before the CIT (A) was this that the penalty could not be levied where income has been enhanced merely on estimates and in support of this contention, reliance was placed on the Tribunal's decision rendered in the case of the ITO Vs. Madan Lal reported in (2003) 78 TTJ 573 (Jod.). 7. As against this Tribunal's decision, Ld. CIT(A) has followed four judgments of the various High Courts including one judgment of Hon'ble Allahabad High Court being jurisdictional High Court rendered in the case of Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that day to day stock inventory of raw material and other consumable item was not maintained. On the basis of these general objections, the AO made addition by adopting higher G.P. rate of 18.50% as against 18.02% declared by the assessee. Hence, it is seen that in the present case, the judgment of the Hon'ble Allahabad High Court does not support the case of the Revenue and in fact, this judgment of the Hon'ble Allahabad High Court support the case of the assessee because it was also held by the Hon'ble Allahabad High Court in this case that where the additions were made purely on estimate without reference to any evidence/material being on record, it could be argued with some force that penalty cannot be levied. In the present case also, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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