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2021 (10) TMI 825 - ITAT MUMBAIPenalty levied u/s. 271(1)(c) - estimated rate of profit applied on the turnover of the assessee - 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 Assessing Officer 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 u/s.271(1)(c) of the Act levied by the AO for the Assessment Year under consideration. Grounds raised by the revenue are rejected. Appeal of the revenue is dismissed.
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