9911796707
TMI Blog2019 (6) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenditures. Part disallowance of expenditure claimed is purely on estimate basis. In the aforesaid circumstances, the assessee cannot be accused of furnishing inaccurate particulars of income. More so, when the first appellate authority being convinced with the submissions of the assessee had deleted the disallowance, though of course, such disallowance was restored by the Tribunal. We are inclined to delete the penalty imposed u/s 271(1)(c) - Decided in favour of assessee - ITA no.5804/Mum./2018 - - - Dated:- 29-5-2019 - Shri Saktijit Dey, Judicial Member And Shri Manoj Kumar Aggarwal, Accountant Member For the Assessee : Shri Pritesh Mehta For the Revenue : Shri S.K. Jain OR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowance made by the Assessing Officer. However, while disposing off the appeal filed by the Revenue against the aforesaid order of learned Commissioner (Appeals), the Tribunal, in ITA no.6124/Mum./2011, dated 23rd July 2014, upheld the disallowance made by the Assessing Officer. Be that as it may, on the basis of disallowance of expenditure made the Assessing Officer initiated proceeding for imposition of penalty under section 271(1)(c) of the Act alleging furnishing of inaccurate particulars of income and ultimately passed an order on 18th March 2015, imposing penalty of ₹ 25,80,510 under section 271(1)(c) of the Act. The assessee challenged the penalty order so passed before the first appellate authority without any success. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll particulars of expenditure claimed or there was any act of omission or commission on the part of the assessee in furnishing the particulars of expenditures. Part disallowance of expenditure claimed is purely on estimate basis. In the aforesaid circumstances, the assessee cannot be accused of furnishing inaccurate particulars of income. More so, when the first appellate authority being convinced with the submissions of the assessee had deleted the disallowance, though of course, such disallowance was restored by the Tribunal. In view of the above, we are inclined to delete the penalty imposed u/s 271(1)(c) of the Act. 7. In the result, appeal is allowed. Order pronounced in the open Court on 29.05.2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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