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TMI Blog2020 (10) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... ould also get reduced proportionately and thereby the Tribunal restricted the penalty. If such is the view of the Tribunal, then, in our opinion, we should not disturb the same. - Decided against revenue. - R/TAX APPEAL NO. 282 of 2020 - - - Dated:- 5-10-2020 - HONOURABLE THE CHIEF JUSTICE MR. VIKRAM NATH AND HONOURABLE MR. JUSTICE J.B.PARDIWALA Appearance: MRS MAUNA M BHATT(174) for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly proportionately reducing the income and penalty? 3. We have heard Mr. M.R. Bhatt, the learned Senior Counsel assisted by Ms. Mauna M. Bhatt, the learned Senior Standing Counsel appearing for the Revenue. 4. It appears that huge amount of cash credits was found in the bank account of the assessee. In such circumstances, the notice under Section 148 of the Act, 1961 was issued with a re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving bank accounts. Subsequently, penalty proceedings came to be initiated on the ground of concealment of income and the Assessing Officer levied penalty of ₹ 2,44,90,900/-. 6. The assessee being dissatisfied with the assessment order preferred appeal before the Commissioner of Income Tax (A) (for short CIT(A) ). The CIT (A) restricted the penalty to the extent of the tax on income dete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... discussed in detail in the quantum proceedings. Thus the next question arises whether there can be penalty in the event the income is determined based on estimation. In this regard, we note that the assessee has not maintained her books of accounts, filed her return of income. Thus there was no option available to the learned CIT(A) except to estimate the income based on the materials available on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hence the ground of appeal of the Revenue is dismissed and CO filed by the assessee partly allowed. 9. Thus, the Tribunal held that once the income is reduced, the penalty would also get reduced proportionately and thereby the Tribunal restricted the penalty to ₹ 4,89,818/-. If such is the view of the Tribunal, then, in our opinion, we should not disturb the same. 10. The question a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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