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2022 (6) TMI 1190 - AT - Income TaxPenalty levied u/s 271(1)(c) - bogus purchases - HELD THAT:- The quantum addition [2018 (8) TMI 2085 - ITAT DELHI] issue was agitated before the learned Commissioner of Income-tax (Appeals) who directed the Assessing Officer to restrict the disallowance to 30 per cent. of the purchases. Penalty has been levied on such estimation made by the learned Commissioner of Income-tax (Appeals). Facts of the earlier assessment year also show that estimation was made in respect of purchases from same party which was subsequently reduced to 25 per cent. while giving appeal effect to the order of the Tribunal. When the addition as have been made on estimated basis, there is no conclusive evidence to show that the assessee has concealed the income or has furnished inaccurate particulars of income. Therefore, we do not find any merit in the levy of penalty on estimated income. We, accordingly, direct the Assessing Officer to delete the penalty so levied. - Decided in favour of assessee.
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