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2021 (4) TMI 860 - AT - Income TaxPenalty levied u/s 271(1)(c) - addition @ 5% of Gross Profit - HELD THAT:- Considering the fact that addition in the assessment order, on the basis of which the penalty was levied, is purely an estimated addition. It is settled position in law that no penalty under section 271(1)(c) can be levied on additions made on estimation. The similar view was taken by the Hon'ble Jurisdictional High Court in Manish Dhirajlal Mehta Vs. ACIT [2014 (11) TMI 939 - GUJARAT HIGH COURT], Vijay Proteins Ltd., Vs. CIT [2015 (1) TMI 828 - GUJARAT HIGH COURT], in Vijay Proteins Vs CIT [2015 (1) TMI 828 - GUJARAT HIGH COURT] and other case laws relied by ld. AR for the assessee. No contrary facts or law is brought to our notice. In the result, Ground No.1 of appeal is allowed.
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