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2023 (6) TMI 1370 - AT - Income TaxPenalty levied u/s 271(1)(c) - Estimation of income on bogus purchases - CIT(A) reduced the rate of profit to 6% - HELD THAT:- Since the facts of the issue under consideration are identical with the facts of the appeal pertaining to AY 2013-14 [2022 (6) TMI 1359 - ITAT MUMBAI] decided by the co-ordinate bench, following the said decision, we hold that the penalty levied u/s 271(1)(c) is liable to be cancelled in the instant cases since the additions have been made on estimated basis. Accordingly, we set-aside the orders passed by the CIT(A) in all the three years under consideration and direct the AO to delete the penalty levied u/s 271(1)(c). Decided in favour of assessee.
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