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2018 (3) TMI 1344 - AT - Income TaxLevy of penalty u/s 271(1)(c) - addition made by the AO in respect of unverifiable purchases after rejection of books - Held that:- The issue of addition made by the AO in respect of unverifiable purchases after rejection of books has been set aside to the record of the AO for computing the income of the assessee by applying average GP rate of past history for a minimum 3 years. Since the matter in quantum appeal has been set aside to the record of the AO, therefore, the present penalty would not survive and accordingly we set aside the orders of the authorities below in respect of levy of penalty under section 271(1)(c). - Decided in favour of revenue for statistical purposes.
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