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2017 (2) TMI 1184 - ITAT AHMEDABADPenalty u/s 271(1)(c) - addition made on specific issue pertaining to bogus purchases made by the assessee - Held that:- We find that the substantive addition made in this case was not on estimated basis but was made specifically on the indulgence of mal-practices and bogus purchases committed by the assessee. We do not inclined with the submission of the assessee that the penalty was levied on the estimated additions. The assessee failed to substantiate and justify its explanation as per the obligation cast upon it by the Explanation 1 of section 271(1)(c). Keeping in view the concrete findings as elaborated supra which elucidate that assessee was indeed indulged in bogus purchases and availed the CENVAT benefit fraudulently. This estimation was not made on the basis of unverifiable transactions but the estimation of income was based on specific transactions carried out fraudulently and proved as bogus with supporting material evidences found in the case of assessee. These facts clearly establish that the assessee has concealed particulars of in income, therefore, in view of the above mentioned facts and findings, we disincline to interfere in the findings of the Ld. CIT(A). - Decided against assessee
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