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2019 (12) TMI 1223 - ITAT MUMBAIPenalty u/s. 271(1)(c) - Bogus purchases - estimation of Gross Profit was made by the Assessing Officer restricting the profit element in the alleged bogus purchases at 12.11% - HELD THAT:- Similar view has been taken in the case of CIT v. Aero Traders Pvt. Ltd. [2010 (1) TMI 32 - DELHI HIGH COURT] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. In the case on hand the AO has only estimated the Gross Profit on the alleged non-genuine purchases without there being any conclusive proof of concealment of income or furnishing inaccurate particulars of such income. Thus, we do not observe any infirmity in the order passed by the CIT(A) in deleting the penalty imposed by the Assessing Officer. Appeal of the Revenue is dismissed.
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