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2016 (7) TMI 1365 - AT - Income TaxPenalty levied u/s. 271(1)(c) - addition on account of bogus purchases - Held that:- The assessee rightly points out, materially identical addition in respect of bogus purchases was confirmed by the Division Bench; however, so far as penalty in respect of the same is concerned, the same penalty has been deleted by another Division Bench by order [2013 (7) TMI 1084 - ITAT AHMEDABAD]. While doing so, the Division Bench has taken note of the fact that income was assessed on estimate basis and this estimation varied from forum to forum. The views so expressed by the Division Bench bind this SMC Bench. Respectfully following the esteemed views of the Division Bench in assessee’s own case for Assessment Year 2005-06, I deem it fit and proper to delete the impugned penalty - Decided in favour of assessee.
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