2016 (6) TMI 1501

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..... GH COURT] There was no scope to levy the penalty under Section 271(1)(c), the appellant had been assessed by the Income Tax. Tribunal has very rightly considered that both the additions are on a estimated basis. Therefore, just because estimates are made, penalty cannot be levied u/s 271(1)(c). Decided in favour of assessee.
HONOURABLE MR. JUSTICE KS JHAVERI AND HONOURABLE MR. JUSTICE G.R. UDH .....

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..... ention of this Court to the decision in the case of Income-tax Officer v. Bombaywala Readymade Stores reported in [2015] 55 taxmann.com 258 (Gujarat) and relevant paragraph of the said decision reads as under:- "6. The penalties were upheld as it was only estimated value on which estimates of income tax was made and the books of accounts were rejected. There was no scope to levy the penalty unde .....

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