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2016 (5) TMI 859 - DELHI HIGH COURT

2016 (5) TMI 859 - DELHI HIGH COURT - TMI - Penalty under Section 271 (1) (c) - bogus purchases - Held that:- Having examined the impugned order of the ITAT and having considered the submissions of the learned counsel for the Revenue, the Court is unable to discern any legal infirmity in the analysis or conclusion reached by the ITAT. Once the assessment order of the AO in the quantum proceedings was altered by the CIT (A) in a significant way, the very basis of initiation of the penalty proceed .....

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ed:- 13-5-2016 - S.MURALIDHAR AND VIBHU BAKHRU, JJ. FOR THE APPELLANT : Mr.P.Roy Chaudhuri, Senior Standing counsel with Ms. Lakshmi Gurung, Junior Standing counsel. FOR THE RESPONDENT : CM No. 17985 of 2016(exemption) 1. Allowed subject to all just exceptions. ITA No. 313 of 2016 2. This appeal by the Revenue is against the order dated 19th October 2015 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA No.4539/Del/2013 for the Assessment Year ( AY ) 2007-08. 3. By the impugned order t .....

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s out of the purported purchases made from nine parties. Further a sum of ₹ 12,77,202 was added as additional income by applying the estimated gross profit rate of 4.25% on the declared sales. The ITAT thus concluded that the CIT(A) had made the overall addition of ₹ 68,31,196 on estimated basis . Consequently, the ITAT felt that this is not a case where a penalty was leviable under Section 271(1) (c) of the Act. 4. Mr. P.Roy Chaudhuri, learned counsel for the Revenue urged that whil .....

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r of the AO. 5. The Court notes that in the quantum proceedings originally the AO had proposed an addition to the extent of ₹ 3,62,49,274/- as bogus transactions of purchases shown by the assessee from nine parties, as the alleged sellers were not traceable. In the appeal by the Assessee the CIT (A) held that the entire purchases could not be treated as bogus since the assessee had established the identity of the suppliers who had made substantial supplies. The CIT (A) held that the purcha .....

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