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TMI Blog2022 (2) TMI 1343X X X X Extracts X X X X X X X X Extracts X X X X ..... RT ] Further the assessing officer made an addition based on the information received from Sales tax department Maharashtra since the said information could not conclusively be proved. DR could not controvert the findings of the CIT(A) with any new cogent evidences or information to take different view - we are not inclined to interfere with the order of the CIT(A) and upheld the same and dismiss the grounds of appeal of the revenue. - ITA No. 2559/Mum/2022 - - - Dated:- 3-2-2022 - SHRI BASKARAN BR , ACCOUNTANT MEMBER And SHIR PAVAN KUMAR GADALE , JUDICIAL MEMBER For the Appellant : Shri Paresh Deshpande. DR For the Respondent : None ORDER PER PAVAN KUMAR GADALE JM : The revenue has filed the appeal against the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f reseller in chemicals fuels. The assessee has filed the return of income for the A.Y 2009-10 on 30.09.2009 disclosing a total income of Rs.6,06,148/-.Subsequently the AO has received the information from Sales Tax Department, that the assessee has obtained bogus purchase bills from M/s Neptune Corporation aggregating to Rs. 5,44,589/-.The Assessing Officer (AO) has reason to believe that the income has escaped assessment and issued notice u/s 148 of the Act, in compliance the assessee has filed the revised return of income disclosing total income of Rs.6,06,148/-,further the notice u/s 143(2) and 142(1) of the Act are issued. In compliance, the Ld.AR of the asseesee appeared from time to time and submitted the information and the case w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee and observed that the A.O has made addition of bogus purchases in the assessment U/sec143(3) r.w.s Sec147 of the Act. Further, the Ld.CIT(A) in quantum appeal has restricted the addition by estimating gross profit/income @ 25% and further appeal to Honble Tribunal it was restricted to 12.5%. But the A.O has levied the penalty u/sec 271(1)(c) of the Act on the estimated income. The CIT(A) dealt on the provisions of Sec. 271(1)(c) of the Act and relied on the Coordinate Bench of Hon ble Tribunal and the Hon ble High Court decisions and observed that no penalty can be levied on estimated income and directed the A.O to delete the penalty and allowed the assessee s appeal. Aggrieved by the order of the CIT(A),the revenue has filed an ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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