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2018 (10) TMI 856 - AT - Income TaxPenalty u/s 271(1)(c) - addition for bogus purchase - Held that:- The instant appeal before us relates to penalty levied on the alleged addition of ₹ 21,64,100/-. The basis of calculating the penalty is the alleged addition. As Co-ordinate bench has deleted the addition to the extent of 75% of the alleged bogus purchases and the remaining addition is only at ₹ 5,41,025. We are of the considered view that the alleged penalty of ₹ 6,68,710/- also needs to be scaled down to 25% of the impugned penalty. We therefore in the given facts and circumstances of the case direct the Assessing Officer to levy the penalty at ₹ 1,67,178/- (being 25% of the penalty of ₹ 6,68,710/-).
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