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2021 (9) TMI 631 - AT - Income TaxPenalty u/s 271(1)(c) - Estimation of income on bogus purchases - assessee has accepted the addition made by the Assessing Officer on account of ₹ 6,27,311 being 12.5% of bogus purchases - HELD THAT:- Since the assessee refrained to contest the addition/disallowance made by the Assessing Officer before the first appellate authority, the Assessing Officer cannot impose penalty under section 271(1)(c) of the Act alleging that the assessee has furnished inaccurate particulars of income thereby concealing particulars of income, particularly when income was estimated on percentage basis upon the alleged bogus purchase. Consequently, we find no cogent reason to disturb the order passed by the learned Commissioner (Appeals) as well warrants us to interfere in the order of the first appellate authority either. - Decided against revenue.
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