Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 378 - AT - Income TaxNet profit estimation - assessee is engaged in the business of iron ore - HELD THAT:- As profit percentage is varied in between 5.8% to 7.26% for the assessment years 2004-05 to 2008-09. This being so, we are of the view that respectfully following the decision of the Co-ordinate Bench, on identical facts in the case of Dillip Kumar Naik [2022 (11) TMI 215 - ITAT CUTTACK]the estimation of 10% as done by the ld CIT(A) stands reduced to 8%. Levy of penalty u/s.271F - HELD THAT:- As the facts of the present case are identical to the facts of the case of S.M.Enterprises [2022 (11) TMI 274 - ITAT CUTTACK] and also in the case of Gobardhan Matia [2022 (11) TMI 214 - ITAT CUTTACK] respectfully following the decision of the Co-ordinate Bench, in the above two cases, the penalty as levied u/s.271F of the Act by the AO and confirmed by the ld CIT(A) stands deleted. Penalty u/s 271(1)(c) - Defective notice u/s 274 - HELD THAT:- AO has not struck out inappropriate words in the paragraphs of notice issued u/s.274/271(1)(c) of the Act and on account of the fact that income of the assessee has been assessed only on estimation basis and no evidence of concealment of income has been found in the case of the assessee - Thus as relying on decision of the Co-ordinate Bench of this Tribunal in a group concern M/s. S.M.Enterprises .[2022 (11) TMI 275 - ITAT CUTTACK] the penalty levied u/s.271(1)(c) by the AO and confirmed by the ld CIT(A) stands deleted. All the appeals of the assessee stand allowed.
|