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TMI Blog2021 (6) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... nal in the case of SHRI DEEPAK GOGRI [ 2017 (11) TMI 1857 - ITAT MUMBAI] wherein the Tribunal deleted the penalty levied u/s 271(1)(c) of the Act on the basis of addition on account of profit made on estimation basis, holding that the addition made on estimation basis does not amount to concealment of income or furnishing of inaccurate particulars of income. Thus findings of the Ld. CIT(A) are well reasoned and based on the decisions of the Tribunal discussed above. Hence, do not find any reason to interfere with the decision of the Ld. CIT(A) and direct the AO to delete the penalty levied u/s 271(1)(c) 0f the Act. - Decided against revenue. - ITA No. 5210/MUM/2019 - - - Dated:- 31-5-2021 - Shri Shamim Yahya (AM) And Shri Ram Lal Neg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned order and deleted the penalty. Against the said findings, the revenue is in appeal before this Tribunal. 4. The Revenue has challenged the impugned order passed by the Ld. CIT (A) on the following effective grounds:- 1. On the facts in the circumstances of the case, and in law, the Ld.CIT(A) erred in deleting the penalty u/s 271(1)(c) of the I T Act 1961 without appreciating that the assessee could not establish the genuineness of the bogus purchases before the Assessing Officer during the course of assessment proceedings and therefore, the additions so made amounted to furnishing of inaccurate particulars of income within the meaning of section 271(1)(c) of the I T Act and penalty u/s 271(1)(c) of the I T Act, 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion basis it cannot be concluded that the assessee has either concealed his income or furnished inaccurate particulars of his income to initiate proceedings u/s 271(1)(c) of the Act. Further, Ld. CITA) has followed the ratio laid down by the coordinate Bench of the Tribunal in the case of DCIT vs. Unisynth Chemicals ITA No. 5967/Mum/2014, wherein the coordinate Bench upholding the findings of the Ld. CIT(A) deleted the penalty levied under the similar set of facts. The Ld CIT(A) has reproduced the findings of the coordinate Bench in the said case, which read under: On an appreciation of the material on record we are inclined to concur with the view of the CIT(A) that the explanation put forth by the assessee in the penalty proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X
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