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TMI Blog2017 (7) TMI 497X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal held that where deeming provisions are applied in assessing the income, the provisions of imposing penalty would not be attracted. There is no concealment of income or furnishing of an incorrect particulars of the income, the penalty cannot be imposed on account of addition of income by applying the deeming provisions. Accordingly, we are of the opinion that the Tribunal has not co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etric ton to parties covered under Section 40A (2)(b) of the Act. Thus, the value of the difference of the scrap sold was added to the income of the assessee and accordingly, penalty of ₹ 46,25,000/- was imposed under Section 271 (1)(c) of the Act. The Tribunal by the impugned order has held that the assessee cannot be held guilty for non-disclosure of income, which was determined by invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TR (Mad) 397, again a Division Bench of the Madras High Court has held that penalty under Section 271 (1)(c) of the Act cannot be imposed on the basis of estimation of income. In the aforesaid decision, reliance was placed upon the decision of the Supreme Court in C.I.T. vs. Reliance Petroproducts Pvt.Ltd (2010) 230 CTR (SC) 320 in which it was observed that in order to bring the case under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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