9911796707
TMI Blog2008 (3) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... are directed against the order dated 25.4.2007 of the Income Tax Appellate Tribunal, Chandigarh Bench-B, Chandigarh passed in ITA No.769/Chandi/2006 and 770/Chandi/206 for the assessment year 1997-98 and 1999-2000 raising common issues and having identical facts, therefore, these are being disposed of by one consolidated order. The common issue involved in both these appeals relate to initiation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal before the Commissioner of Income Tax(Appeals) against the additions who vide order dated 5.3.2001 restricted the addition. The appeal filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) on quantum was dismissed by the Income Tax Appellate Tribunal vide order dated 30.5.2005. Since the assessee had furnished inaccurate particulars of income to the extent of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mate basis and therefore, following the law laid down by this Court in Commissioner of Income Tax Vs. M. M. Rice Mills 253 ITR 17, held that in a case where additions have been made on the basis of estimate penalty cannot be imposed. Accordingly, the penalty levied by the Assessing Officer was deleted by the Commissioner of Income Tax (Appeals). Against that order, the Revenue filed appeal before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issioner of Income Tax Vs. Metal Products of India 150 ITA 714, Commissioner of Income Tax Vs. Dhillon Rice Mills 256 ITR 447 has reiterated this view. In view of the above settled proposition of law, we find no ground to interfere in the well reasoned judgment of the Tribunal, hence the appeals filed by the Revenue are dismissed.
(RAKESH KUMAR GARG)
JUDGE
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