2021 (5) TMI 896

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..... t estimated on the alleged bogus purchases. Thus the purchase of goods by the assessee is not in doubt, but the source of such purchases is doubtful. For that reason alone, the learned Commissioner of Income-tax (Appeals) has made an estimated addition. In the aforesaid scenario, it cannot be said that the assessee has, either concealed its income or furnished inaccurate particulars of income. Tha .....

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..... facts are, the assessee is a resident company. For the assessment year under dispute, assessee filed its return of income on 26-09-2010. Subsequently, the assessing officer, having received information from the sales-tax department, Government of Maharashtra through the DGIT(Inv), Mumbai that the assessee is a beneficiary of accommodation bills provided by way of alleged non genuine purchases, re .....

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..... tax (Appeals), the assessing officer ultimately, passed an order on 26-03-2018 imposing penalty of ₹ 23,874/- alleging concealment of income. Against the penalty order so passed, assessee preferred appeal before learned Commissioner of Income-tax (Appeals). After considering the submissions of the assessee in the context of facts and materials on record, learned Commissioner of Income-tax (A .....

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