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TMI Blog2024 (8) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee has concealed his income and made purchases from the grey market. Merely because the profit has been estimated and the assessee chose not to litigate further, would not amount to concealment of income or filing of inaccurate particulars. As decided in AARKAY SAREE MUSEUM [ 1990 (8) TMI 97 - BOMBAY HIGH COURT] merely because certain additions were made in the trading account by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct are common, therefore, these appeals were heard together and are disposed off by this common order for the sake of convenience and brevity. 3. The common addition in the captioned appeals relates to the addition of 12.5% of non-genuine purchases. 4. We have given a thoughtful consideration to the orders of the authorities below. The entire quarrel revolves around the purchases made from Manibha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd held as under:- 5. The Tribunal cancelled the imposition of penalty after recording a finding that the allegation of concealment of income was not proved. The Tribunal rightly recorded in para 8 of its judgement that merely because certain additions were made in the trading account by the Assessing Officer, it did not necessarily follow that the assessee had concealed its income. The above-reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refore, the additions on account of processing of unaccounted rice bran and under valuation of closing stock of rice bran were made and income was assessed on the estimate basis. Therefore, the Tribunal was right in coming to the conclusion that when the assessment was made on estimate basis, the penalty should not be imposed. 6. Considering the facts in light of the judicial decisions discussed h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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