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TMI Blog2017 (8) TMI 743X X X X Extracts X X X X X X X X Extracts X X X X ..... with the ld. A.R. that no penalty in respect of the addition at ₹ 936/-(supra) which had been sustained in the hands of the assessee on an estimate basis can be sustained in the eyes of law. We thus in light of our aforesaid observations set aside the order of the CIT(A) and quash the penalty imposed by the A.O u/s. 271(1)(c) of the Act in the hands of the assessee. Appeal of the assessee is allowed. - I.T.A. No. 1833/Mum/2016 - - - Dated:- 26-7-2017 - SHRI G.S. PANNU, AM AND SHRI RAVISH SOOD, JM For The Appellant : Shri P.R. Raiyani, A.R. For The Respondent : Shri V. Justin, D.R. ORDER PER RAVISH SOOD, JUDICIAL MEMBER The present appeal is directed against the order passed by the CIT(A)-2, Mumbai, dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A)-1 informed the office of CIT(A)-2 on 23.11.2015 about transfer of said appeal made to CIT(A)-2 in March, 2015. ( iv) Passing of order on 01.01.2016 without clubbing and fixing hearing of both pending appeals and without giving opportunity to the Appellant was bad in law. 2. Appellant prays that: 2.1 Penalty of ₹ 15,918/- imposed u/s 271(1)(c) of the Act be directed to be deleted; and 2.2 Statement of Facts attached to the Memo of Appeal in Form 36 be taken into consideration while disposing off the Appeal. 3. The Appellant craves leave to add to, amend, alter, vary or withdraw all or any of the above grounds . 2. Briefly stated, the facts of the case are that the assessee company had filed its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uded that the assessee had carried out the said purchases outside its books of accounts and made an addition of the aforesaid amount to the returned income of the assessee and assessed the latters income at ₹ 1,00,13,221/-. 4. That pursuant to the framing of the aforesaid assessment the A.O proceeded with the penalty proceedings in the hands of the assessee and holding a conviction that the assessee had furnished inaccurate particulars of income in respect of the aforesaid purchase of ₹ 46,831/-(supra), therein imposed a penalty of ₹ 15,918/- u/s. 271(1)(c) in the hands of the assessee. 5. The assessee being aggrieved with the penalty imposed u/s. 271(1)(c), therein assailed the same before the CIT(A). The CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransactions amounting to ₹ 46,831/- (supra), as a result whereof the addition in the hands of the assessee boiled down to an amount of ₹ 936/-. It was averred by the ld. A.R. that now when the aforesaid addition of ₹ 936/-had been made by the CIT(A) not on the basis of any concrete material, but merely on the basis of an estimate, therefore, no penalty u/s. 271(1)(c) could be sustained in respect of the same. Per contra, the ld. Departmental Representative (for short D.R. ) relied on the orders of the lower authorities. 7. We have heard the Authorized Representatives for both the parties, perused the orders of the lower authorities and the material available on record. We have given a thoughtful consideration to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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