9911796707
TMI Blog2023 (5) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... courts have held that the penalty cannot be levied in cases where the addition has been made on estimated basis. As justified that this proposition is a settled principle of law. The decisions relied upon by the ld. DR will not hold the case of the Revenue in the present scenario. Hence, by respectfully following the decisions cited above, we find no justification in the penalty levied u/s. 271(1)(c) of the Act in assessee s case. Decided in favour of assesee. - ITA Nos. 57 & 58/2023 - - - Dated:- 27-4-2023 - SHRI PRASHANT MAHARISHI , AM AND MS. KAVITHA RAJAGOPAL , JM For the Assessee : None For the Revenue : Smt. Mahita Nair ORDER Per Kavitha Rajagopal , J M : These appeals have been filed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 47 of the Act, whereby the A.O. determined the total income at Rs.51,73,854/- by making an addition of Rs.1,48,214/- on bogus purchases u/s. 69C of the Act. The penalty proceeding was initiated u/s. 271(1)(c) of the Act and penalty order dated 13.05.2016 was passed u/s. 271(1)(c) of the Act where a penalty of Rs.46,000/- was levied for furnishing inaccurate particulars of income in respect of addition of Rs.1,48,214/- was made by the A.O. 5. Aggrieved by the said order, the assessee was in appeal before the ld. CIT(A) who confirmed the said penalty levied by the A.O. 6. Further aggrieved the assessee is in appeal before us. 7. The ld. DR for the revenue contended that the assessee has failed to contradict the information received f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned transaction. The A.O. levied penalty u/s. 271(1)(c) of the Act for the reason that the assessee has furnished inaccurate particulars of income with respect to the disallowance of Rs.1,48,214/- pertaining to the alleged bogus purchases made from M/s. Arihant Steel. The assessee in its submission has contended that the assessee had filed ledger accounts, copies of bills and delivery challans, pertaining to M/s. Arihant Steel along with the details of bill wise purchase and also the details of the sales made by the assessee. The assessee contended that the purchases of goods made from alleged parties were sold during the year and the same was not included in the closing stock. The assessee further submitted that the payments were ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
