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TMI Blog2024 (10) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... ions, set aside the order of the CIT(A) and direct the assessing officer to delete the penalty and allow the grounds of appeal in favour of the assessee. - Shri Pavan Kumar Gadale, Judicial Member And Shri Girish Agrawal, Accountant Member For the Appellant : Shri Vimal Punmiya. AR For the Respondent : Shri B.B. Nagawe, Sr. DR ORDER PER PAVAN KUMAR GADALE, JM: The appeal is filed by the assessee against the order of National Faceless Appeal Centre(NFAC) Delhi/CIT(A), passed u/sec 271(1)(c) and u/sec 250 of the Income Tax Act, 1961. The assessee has raised the following grounds of appeal: 1. The learned CIT (Appeals), NFAC has erred in law and on facts and circumstances of the case in upholding levy of penalty of Rs. 1,40,050/- u/s. 271(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bills as per the information of Sale Tax Department, Govt of Maharashtra and the assessee is one of the beneficiary and obtained bogus bills aggregating to Rs. 90,64,783/- from 2 parties and hence based on the said information, the A.O. has issued notice u/sec 148 of the Act. The assessee has filed a letter to treat the return of income filed earlier as due compliance to the notice. Subsequently, the notice u/sec 143(2) and u/sec 142(1)of the Act are issued. In compliance, the Ld.AR of the assessee appeared from time to time and submitted the information and the case was discussed. The A.O considering the facts and details submitted by the assessee has dealt on the disputed issue and required the assessee to prove that the purchase transact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missions of the assessee but has confirmed the action of the A.O in levying the penalty and dismissed the appeal. Aggrieved by the order of CIT(A), the assessee has filed an appeal with the Hon ble Tribunal. 5. At the time of hearing, the Ld. AR submitted that the CIT(A) has erred in confirming the levy of penalty irrespective of the facts and the submissions in appellate proceedings that on the estimated addition @12.5% made by the AO, on appeal the CIT(A) has directed the AO to calculate profit @ 8% instead of @12.5% on the non genuine purchases. The assessee has filed against the CIT(A) order with the Hon ble Tribunal and the assessee appeal was partly allowed with the directions to the A.O to compute the profit @ 5% on the non genuine p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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