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2021 (4) TMI 484 - AT - Income TaxPenalty levied u/s. 271(1)((c) - estimation of income on bogus purchases - CIT(A) restricted the addition GP @ 14.33% and 12.63% for the A.Y. 2009-10 and A.Y. 2010-11 respectively - HELD THAT:- As held in the case of CIT v. Aero Traders Pvt. Ltd. [2010 (1) TMI 32 - DELHI HIGH COURT] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. In both these appeals on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases without there being any conclusive proof of concealment of income or furnishing inaccurate particulars of such income. Thus, we do not observe any infirmity in the order passed by the Ld. CIT(A) in deleting the penalty u/s. 271(1)((c) of the Act levied by the Assessing Officer for both the Assessment Years. Grounds raised by the revenue are rejected.
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