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2016 (11) TMI 1061 - AT - Income TaxPenalty u/s 271(1)(c) - income estimation - addition made after estimating the income of the assessee by way of net commission @ 6% to 7%. Held that:- Once it is a matter of estimation and the final income sustained after estimation of net profit is very near to the estimate of commission income shown by the assessee, then under these facts and circumstances, it cannot be held that any penalty can be levied under section 271(1)(c) either for concealment of income or for furnishing of inaccurate particulars. Once it is a case of pure estimation which has been varied by various authorities at different stages, then on such difference of opinion that to be in the matter of estimation, it cannot lead to any inference of levy of penalty. Accordingly, penalty levied by the Assessing Officer and sustained by the CIT(A) is hereby directed to be deleted in all the years. - Decided in favour of assessee.
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