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2013 (12) TMI 1107 - AT - Income TaxPenalty u/s 271(1)(c) – Unaccounted production - Held that:- Normally the penalty cannot be levied on estimated income alone – The assessee has not credited the additions of Rs.2,09,94,965/- and Rs.23,53,160/- in case of Shree Om Rolling Mills Pvt. Ltd., and SRJ Peety Steels Pvt. Ltd., respectively in their respective books of accounts - Sale of two days having been found as result of search – Assessee has paid tax to that extent – The assessee have to pay penalty on these two days sale – However on income estimated for the whole year penalty cannot be levied – Partly allowed in favour of Revenue.
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