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2022 (6) TMI 1068 - AT - Income TaxPenalty u/s 271(1)(c) - Addition u/s 69C - bogus purchases - As per AO most of the purchases made by the assessee were not from genuine parties and were bogus as per the information received from Sales Tax Department - HELD THAT:- As in the present case, the explanation of the assessee has not been accepted by the Revenue and no contradictory evidence to disprove the explanation so offered has been brought on record by the Assessing Officer, we are of the considered view that penalty levied merely on estimated addition cannot be sustained in the absence of anything to prove that there was any concealment of income or furnishing of inaccurate particulars of income by the assessee. Accordingly, the grounds raised in present appeal are allowed and the Assessing Officer is directed to delete the penalty, as affirmed by the learned CIT(A). Appeal of assessee allowed.
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