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2021 (10) TMI 15 - AT - Income TaxEstimation of profit - assessee took a ground that the AO had not allowed salary and interest to partners against the estimated profit to which ld. CIT(A) did not agree as in his opinion in the earlier round, the ITAT, Lucknow [2015 (8) TMI 1536 - ITAT LUCKNOW] had already confirmed the findings of ld. CIT(A) to this extent - HELD THAT:- As gone through the order passed by the Tribunal it has rejected the contentions of assessee and has confirmed the finding of ld. CIT(A) - The assessee if aggrieved with such Tribunal order should have approached the Hon'ble High Court or should have filed miscellaneous application before this Tribunal for rectification of mistake if any which it has not done and through the grounds of appeal the assessee wants the Tribunal to review its own order which is not permissible in law. Appeal dismissed. Penalty u/s 271(1)(c) - concealment of income - AO estimated the income of the assessee by applying the net profit ratio and has rejected the books of accounts - HELD THAT:- Penalty u/s. 271(1)(c) of the Act is imposable on an assessee if an assessee conceals its income or furnishes wrong particulars of income. Since the books of account of the assessee has been rejected and total income has been computed on the basis of N.P. ratio there is no scope for imposition of penalty u/s. 271(1)(c) of the Act. In a number of judgment of various Benches of the Tribunal and courts this view that once books of account are rejected and income is estimated by applying N.P. rate, penalty u/s. 271(1)(c) is not imposable. See NARESH CHAND AGARWAL [2013 (6) TMI 68 - ALLAHABAD HIGH COURT] - thus penalty imposed by Assessing Officer u/s. 271(1)(c) of the Act is not leviable. - Decided in favour of assessee.
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