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TMI Blog2019 (5) TMI 1313X X X X Extracts X X X X X X X X Extracts X X X X ..... that the suppliers were genuine. The suppliers used to visit assessee s shop to supply the material as per routine practice. The TIN of the suppliers was found active at the time of purchase of goods. We find the explanation to be plausible one and the overall conduct of the assessee do not inspire us to confirm the penalty - I.T.A. No.1727/Mum/2018 - - - Dated:- 16-5-2019 - Shri Saktiji ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any income nor has the assessee furnished any inaccurate particulars of his income. 2. The assessing officer erred in levying penalty u/s. 271(1)(c) of Act in respect of alleged purchase without appreciating that the assessee had submitted all details and evidences merely because the assessee has agreed to offer the same for taxation , the levy of penalty is not justified, moreso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... though the assessee denied the same, however, notices u/s 133(6) were returned back and the parties were not found traceable at the given addresses. The assessee submitted that the purchases were made under bona-fide belief in good faith assuming the suppliers to be genuine one and the suppliers used to visit assessee s shop to supply the goods. The same could not find favor with Ld. AO. Therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The suppliers used to visit assessee s shop to supply the material as per routine practice. The TIN of the suppliers was found active at the time of purchase of goods. We find the explanation to be plausible one and the overall conduct of the assessee do not inspire us to confirm the penalty. By deleting the same, we allow ground nos. 1 2. Nothing on record suggest that the notice for levying ..... X X X X Extracts X X X X X X X X Extracts X X X X
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