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TMI Blog2025 (2) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER PER NARENDRA KUMAR BILLAIYA, AM: This appeal by the assessee is preferred against the order dated 01/10/2024 by NFAC, Delhi [hereinafter 'the ld. CIT(A)], pertaining to AY 2009-10. 2. The sum and substance of the grievance of the assessee is that the ld. CIT(A) erred in confirming the levy of penalty u/s 271(1)(c) of the Act amounting to Rs. 1,84,771/- on alleged estimated profits on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounsel for the assessee vehemently stated that since the quantum addition has been estimated, no penalty should be levied on estimation of profit. Strong reliance was placed on the decision of the Co-ordinate Bench in the case of DCIT vs. M/s. Unisynth Chemicals in ITA No. 5967/Mum/2014 and the judgment of the Hon'ble Supreme Court in the case of Reliance Petro Products Pvt. Ltd. (2010) 322 ITR (S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erit in the contention of the ld. Counsel that the profit has been estimated and the penalty has been levied on estimated profit. Facts on record show that there were bogus purchases and only the profit element has been added which means that the assessee has concealed the income to this extent in the garb of purchases which turned out to be bogus. Therefore, considering the facts of the case in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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