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TMI Blog2020 (10) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... R PER SAKTIJIT DEY. J.M. Aforesaid appeals filed by the Revenue arise out of two separate orders of learned Commissioner of Income Tax (Appeals)-20, Mumbai, for the Assessment Years 2010-11 and 2009-10. 2. The Revenue has filed these appeals being aggrieved with the decision of learned Commissioner (Appeals) in deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 (fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment for the impugned assessment years. During the assessment proceedings, the Assessing Officer called upon the assessee to prove the genuineness of such purchases. Not being satisfied with the evidences furnished and submissions made by the assessee, the Assessing Officer held that the disputed purchases of Rs. 14,96,886, for the assessment year 2009-10 and Rs. 34,76,696, for the assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee preferred appeals before the first appellate authority. 4. After considering the submissions of the assessee in the context of facts and material on record, learned Commissioner (Appeals) relying upon the decision of the Hon'ble P&H High Court in Hari Gopal Singh v/s CIT, 258 ITR 85 (P&H), deleted the penalty imposed in both the assessment years. 5. We have heard the learned Depar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t embedded in such purchases. For that reason only, the Assessing Officer has estimated the profit element embedded in such purchases @ 12.5% and added back to the income of the assessee. However, the additions of such estimated profit by no means would lead to an inference that the assessee has either furnished inaccurate particulars of income or concealed its income. That being the case, the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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