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2019 (5) TMI 1378 - AT - Income TaxPenalty u/s 271(1)(c) - Addition of bogus purchases - HELD THAT:- In this case the assessment was framed by the AO after making ex-parte addition of ₹ 16,54,146/- towards 100% of the bogus purchases which the co-ordinate bench of the Tribunal in quantum proceedings reduced to 12.5% of such purchases. This a clear cut case where the income has been estimated by applying a percentage of 12.5% and therefore the penalty under section 271(1)(c) can not be imposed. We are, therefore, setting aside the order of Ld. CIT(A) and direct the AO to delete the penalty. - Decided in favour of assessee.
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