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2021 (2) TMI 126 - ITAT MUMBAIPenalty levied u/s 271(1)(c) - disallowance being 12.5% of the Bogus purchases - HELD THAT:- In the instant case, in response to the show cause notice during the course of penalty proceedings, the assessee filed a reply stating that they had submitted copy of the ledger account, bills of the concerned parties along with delivery challans, bank statements where payments had been reflected to prove the genuineness of the purchases. It was stated before the AO that raw materials were purchased from the concerned parties who were having TIN number and were registered dealers. It was stated that during the year under consideration, the assessee had no transaction with the said parties and therefore, it was not able to produce them before the AO. In view of the facts and circumstances of the case, we are persuaded by the judgment of the Hon’ble Punjab & Haryana High Court in Harigopal Singh [2002 (8) TMI 65 - PUNJAB AND HARYANA HIGH COURT] instead of the order of the Tribunal in the case of Bhansali Trading Corporation [2015 (9) TMI 997 - ITAT JAIPUR] We are of the considered view that the Ld. CIT(A) has rightly followed the judgment of the Hon’ble Punjab & Haryana High Court in Harigopal Singh (supra) and deleted the penalty - Decided against revenue.
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