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2016 (8) TMI 1502 - AT - Income TaxPenalty u/s 271(1)(c) - assessee earned commission in the range of 1.5% to 3.5% on various kinds of accommodation entries provided by it - HELD THAT:- As decided in MIHIR AGENCIES PVT. LTD., MUKESH CHOKSI VERSUS DCIT-CC-46, MUMBAI [2016 (7) TMI 1343 - ITAT MUMBAI] Tribunal has adopted a particular rate for estimating the income of the assessee for the year under consideration, we hold that the FAA was not justified in confirming the order passed by the AO u/s. 271(1)(c) of the Act. Therefore, reversing his order, we decide the effective ground of appeal in favour of the assessee.
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