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TMI Blog2021 (6) TMI 284X X X X Extracts X X X X X X X X Extracts X X X X ..... d on the estimated basis no penalty u/s 271(1)(c) of the Act can be levied. Accordingly, we considering the facts, circumstances and judicial decisions set aside the order of the CIT(A) and direct the assessing officer to delete the penalty and allow the grounds of appeal of the assessee. - ITA No. 6528/Mum/2019 - - - Dated:- 1-6-2021 - Shri Shamim Yahya, Accountant Member And Shri Pavan Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Ld. AO u/s 271(1)(c) on adhoc disallowance of ₹ 48,000 out of ₹ 3,19,452/- sustained by the CIT(A) and the reasons assigned for doing so are wrong and contrary to the facts of the case, the provisions of IT Act and the rules made there under. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the penal ty proceedings witho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Further, the assessee has filed the revised return of income on 30.03.2013 declaring a total income of ₹ 5,35,44,581/.- Subsequently, the A.O. has received the information from the Investigation Wing of the income tax Department, Mumbai that the assessee was involved in obtaining the bogus purchase transactions bills from three parties aggregating to ₹ 3,19,452/- and the notice was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) has confirmed the action of the A.O and sustained the penalty. Aggrieved by the CIT(A) order the assessee has filed an appeal with the Hon ble Tribunal. 5. At the time of hearing, none appeared on behalf of the assessee. The Ld. DR relied on the orders of lower authorities. 6. We heard the Ld.DR submissions and perused the material on record. The sole crux of the disputed issue is with r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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