2017 (3) TMI 1887

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..... es estimations. It is a settled legal proposition in such matters the penalty u/s 271(1)(c) of the Act is not excisable in respect of the ad-hoc additions involving estimations. Accordingly, we are of the considered opinion that this is not a fit case for levy of penalty. Accordingly we order. Thus, grounds raised by the assessee are allowed. - I.T.A. No. 6040/Mum/2013 - - - Dated:- 17-3-2017 - .....

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..... Ld DR for the Revenue submitted that the notice was duly served on the assessee. Therefore, despite the fact that nobody is present for the assessee, case could be heard. After hearing the Ld DR as well as considering the issues involved in the appeal, we proceed to adjudicate this appeal on merits with the help of the Ld DR for the Revenue in the succeeding paras of this order. 3. The only iss .....

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..... for the Revenue heavily relied on the orders of the AO and the CIT (A). 4. After hearing the Ld DR for the Revenue and on perusal of the orders of the AO and the CIT (A), we find, there is no dispute on the fact that the additions made by the AO certainly involves estimations. It is a settled legal proposition in such matters the penalty u/s 271(1)(c) of the Act is not excisable in respect of .....

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