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2018 (1) TMI 1082 - AT - Income TaxPenalty u/s 271(1)(c) - unaccounted production/unaccounted sales - estimated additions based on the electricity consumption - Held that:- DR’s argument that the profit relatable to the unaccounted production constitutes concealed income and therefore the penalty is leviable stands rejected for the reason that the unaccounted sales as well as quantification of the related profits/concealed income/additional income has reduced in estimations despite the fact of unaccounted production and clandestine removal of the goods-cum-unaccounted sales the concealment is unsustainable in law, if the estimation of profits involved and no specific relatable income is precisely quantified. Therefore, we are of the opinion that the orders of the CIT(A) in these 4 appeals are fair in deleting the penalty. See Bhagyalaxmi Steel Alloys Pvt. Ltd. [2018 (1) TMI 1081 - ITAT PUNE] and Shree Om Rolling Mills Pvt. Ltd [2018 (1) TMI 1073 - ITAT PUNE] - Decided in favour of assessee
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