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2021 (6) TMI 313 - ITAT MUMBAIPenalty u/s 271 (1) (c) - Bogus purchases - CIT(A) has deleted the penalty levied by the AO holding that penalty proceedings are different from the assessment proceedings and addition of income during assessment proceedings does not ipso facto make the assessee liable u/s 271(1)(c) - HELD THAT:- Since in the present case, the addition has been made on estimation basis it cannot be concluded that the assessee has either concealed his income or furnished inaccurate particulars of his income to initiate proceedings u/s 271(1)(c) CIT(A) has also based his findings on the decision of the coordinate Bench of the Tribunal in the case of SHRI DEEPAK GOGRI [2017 (11) TMI 1857 - ITAT MUMBAI]wherein the Tribunal deleted the penalty levied u/s 271(1)(c) of the Act on the basis of addition on account of profit made on estimation basis, holding that the addition made on estimation basis does not amount to concealment of income or furnishing of inaccurate particulars of income. Thus findings of the Ld. CIT(A) are well reasoned and based on the decisions of the Tribunal discussed above. Hence, do not find any reason to interfere with the decision of the Ld. CIT(A) and direct the AO to delete the penalty levied u/s 271(1)(c) 0f the Act. - Decided against revenue.
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