Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 651 - AT - Income TaxPenalty u/s 271(1)(c) calculation - addition made on the basis of estimation of gross profit based on average of last four years - Held that:- As per the observations of the this Tribunal made in quantum appeal order, Ld.CIT(A) has calculated the understated income of the assessee on the basis of average GP rate worked out and the declared GP rate. Accordingly, the Ld. CIT(A) has directed the AO to calculate the penalty u/s 271(1)(c) of the Act on the difference between average GP and the GP declared by the assessee. Hence, we do not find any inference in the order of the Ld. CIT(A) so as to interfere with the same. We, therefore, uphold the findings of the Ld. CIT(A) and dismissed the appeal filed by the assessee. - Decided against assessee
|