Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (12) TMI 1411 - AT - Income TaxPenalty u/s 271(1)(c) - additions in the Net Profit Ratio @5% on estimate basis as the assessee could not produce the relevant details asked for, during the course of assessment proceedings due to the fact that they were misplaced by the Accountant - meaning of word ‘concealment’ and ‘inaccurate’ - HELD THAT:- CIT(A) has rightly applied the decision of Reliance Petro Products Ltd [2010 (3) TMI 80 - SUPREME COURT] which is squarely applicable in the present case of the assessee as held that penalty based merely on the finding given in assessment order is not valid. CIT(A) has rightly applied the decision of the Hon’ble Delhi High Court decision in the case of CIT vs. JK Synthetic Ltd. [1996 (2) TMI 123 - DELHI HIGH COURT] wherein it was held when the concealment proceedings u/s. 271(1)(c) in a case is purely based on assessment order penalty cannot be levied. Levy of penalty in this case is not justified particularly when the assessment was framed on the income determined on estimate basis and without bringing any material on record to substantiate that the assessee willfully and intentionally concealed the income or furnished the inaccurate particulars of the income, hence, we do not see any reason to interfere with the order of the Ld. CIT(A), accordingly, we uphold the same and decide the issue against the Revenue.
|