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2020 (5) TMI 179 - AT - Income TaxPenalty u/s. 271(1)(c) - filing inaccurate particulars of income OR concealment of income - HELD THAT:- As initiated penalty proceedings by issuing show caused notice u/s. 271(1)(c) of the Act for filing inaccurate particulars of income which is evident in the last page of assessment order. We note that the AO imposed penalty u/s. 271(1)(c) for concealment of income which is evident from para 5 of penalty order. Therefore, the imposition of penalty is contrary to the findings of AO in assessment proceedings and in view of the decision of Samson Perinchery [2017 (1) TMI 1292 - BOMBAY HIGH COURT] as rightly pointed by Shri S.N. Puranik, the ld. AR and the penalty imposed and as confirmed by the CIT(A), in our opinion, is not justified. - Decided in favour of assessee. Bogus Hawala purchases - purchases from grey market - CIT(A) held that the assessee is not able to substantiate the genuineness of alleged purchases restricted the said addition to 10% to arrive at such conclusion - HELD THAT:- We find this Tribunal on similar issues by placing reliance in the case of M/s. Chhabi Electricals Pvt. Ltd. [2017 (6) TMI 514 - ITAT PUNE] confirming the addition at 10% on the bogus Hawala purchases. Therefore, considering the same, we find no infirmity in the order of CIT(A) and it is justified. Thus, grounds raised by the assessee fails and are dismissed.
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