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2021 (1) TMI 1033 - ITAT MUMBAILevying the penalty u/s 271(1)(c) - Bogus purchases - HELD THAT:- AO has initiated the penalty proceedings in both the charges that means he is not sure about which charges, the assessee has committed the default. Hence, this issue is squarely covered by the decision in case of CIT vs. Samson Perinchery [2017 (1) TMI 1292 - BOMBAY HIGH COURT]. Hence, on this count, we deleted the penalty. As regards to merits of the case, we noted that the assessee has filed complete ledger account, purchase bills, delivery challans in respect of purchase transactions made with Nimesh Steel Pvt. Ltd for purchase value of ₹ 5,75,536/- and also payment made by account payee cheque. The assessee could not produce only the purchase party for examination of the Assessing Officer and the Assessing Officer levied penalty only on this count. We noted that this cannot be the reason for levy of penalty under section 271(1)(c) because the Assessing Officer is unable to prove the concealment of income in this case. Hence, we delete the penalty and allowed the appeal of assessee.
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