TMI Blog2014 (8) TMI 936X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. was at a higher rate of ₹ 253 per quintal and to other parties was sold at ₹ 60 to ₹ 80 per quintal. The Assessing Officer made addition on account of the said difference. However, the Tribunal restricted the addition to ₹ 2,54,900 by estimating the rate of paddy husk sold in cash - assessee had furnished complete particulars before the authorities below. However, the addition in the hands of the assessee was made by estimating the value of rice husk. In such circumstances where no concrete evidence was found against the assessee and the addition being based on estimation, there is no merit in the levy of penalty under section 271(1)(c) of the Act. Accordingly, we direct the Assessing Officer to delete the penal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The brief facts relating to the issue are that assessment in the case of the assessee was completed at a total income of ₹ 17,02,210 and agriculture income of ₹ 70,000 as against returned income of ₹ 2,50,315 and agriculture income of ₹ 70,000. The Assessing Officer vide order passed under section 143(3), dated December 22, 2009, made the following additions, which were partly confirmed by the Commissioner of Income-tax (Appeals) and the Tribunal : Sr. No. Particulars of addition Addition made by the Assessing Officer (Rs.) Addition confirmed in CIT(A) order (Rs.) Addition confirmed in ITAT (Rs.) 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of difference in stock of basmati rice and bardana and confirmed the levy of penalty under section 271(1)(c) of the Act on estimated addition of the value of husk and pilferage of rice. The assessee is in appeal against the said levy of penalty under section 271(1)(c) of the Act. 7. Shri Sudhir Sehgal appeared for the assessee and Shri Manjit Singh appeared for the Revenue and put forward rival contentions. 8. We have heard the rival contentions and perused the record. Penalty under section 271(1)(c) of the Act is leviable in cases where the assessee had either concealed its income or furnished inaccurate particulars of income. In the facts of the present case before us, the said penalty under section 271(1)(c) of the Act has been l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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