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2020 (8) TMI 321 - AT - Income TaxPenalty levied u/s 271(1)(c) - investment in unaccounted purchases made by the AO pursuant to survey conducted at the premises of the assessee - HELD THAT:- Tribunal in the quantum proceedings has however held that it was not a case of unexplained investment/unaccounted purchases as wrongly understood by the authorities below and it was only the suppressed sales made out of recorded purchases and in respect of undisclosed sales, only profit element can be added and the AO was accordingly directed to restrict the addition to the extent of ₹ 28,240/-, being the profit element on unaccounted sales. Where the very basis of levy of penalty, being the quantum addition, has been restricted to ₹ 28,240/-, the consequent levy of penalty shall also stand restricted to ₹ 28,240/-. No other arguments have been taken or canvassed during the hearing in support of ground no. 2, hence the same is dismissed. In the result, the AO is directed to restrict the penalty to ₹ 28,240/- and the remaining penalty is hereby directed to be deleted - Appeal of the assessee is partly allowed.
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