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2016 (3) TMI 1352 - AT - Income TaxPenalty u/s 271(1)(c) - assessee had failed to produce books of account during assessment proceedings in confirmation of the income declared by the assessee - income assessed over and above the income returned by the assessee represents its concealed income - CIT-A deleted the penalty - HELD THAT:- In the present case, as correctly noted by the ld. CIT(A), the addition was by way of estimating the income and such estimate was not a result of any finding of any concealment of income, or of furnishing of inaccurate particulars of income by the assessee. The estimation u/s 144 was of ₹ 1,66,98,147/-. This was reduced to an estimate of ₹ 39,22,515/-, vide order passed u/s 164. Even the AO has, in the penalty order, admitted the factum of estimation of income. CIT(A) has correctly relied on the decisions for the proposition that in the case of estimation of income, no concealment penalty is leviable. No decision to the contrary has been placed before us. Finding no force in the grounds raised by the department, they are rejected. The order under appeal is confirmed. - Decided against revenue.
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