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2021 (1) TMI 1000 - AT - Income TaxPenalty u/s. 271(1)(c) - estimation of income - bogus purchases - CIT(A) has sustained the addition at 12.5% of the bogus purchases - HELD THAT:- Penalty u/s. 271(1)(c) cannot be levied when the income has been estimated. The Ld. DR could not controvert the observations of the Ld. CIT(A) with any cogent evidence except relying on the A.O's order. Accordingly, we are not inclined to interfere with the order of the Ld. CIT(A) who relied on the judicial decisions and passed a reasoned order in directing the assessing officer to delete the penalty. See HARIGOPAL SINGH VERSUS COMMISSIONER OF INCOME-TAX. [2002 (8) TMI 65 - PUNJAB AND HARYANA HIGH COURT] - Grounds of appeal raised by the revenue are dismissed.
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