TaxTMI 
TaxTMI 
2019 (6) TMI 667
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....his appeal is filed by the assessee against the order dated 17/06/2014 passed by CIT(A), XI, New Delhi for Assessment Year 2008-09. 2. The grounds of appeal are as under:- "1. On the facts and in the circumstances of the case the Ld.CIT(A) has erred in law in deleting the penalty of Rs. 24,90,696/- imposed by A.O u/s 271(1)(c) on account of disallowance of expenditure of Rs. 73,99,575/-. 3. Th....
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....r furnishing inaccurate particulars of his income. 4. Being aggrieved by the penalty order, the assessee filed appeal before the CIT(A) and CIT(A) allowed the appeal of the assessee. 5. The Ld. DR submitted that the CIT(A) erred in deleting the penalty imposed by the Assessing Officer u/s 271(1)(c) on account of disallowance of expenditure. The Ld. DR further submitted that penalty can be impose....
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....r and cash book by the appellant. This could have been an appropriate case where the AO should have invoked the provisions of section 145 of the Act and estimated the profit on the basis of a comparable case. However, to my utter dismay, the AO has proceeded in making a disallowance of expenditure claimed by the appellant by estimating the quantum of disallowance @ 4% of turnover. Without prejud....
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....of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the Return cannot amount to the inaccurate particulars. " 7.3. In the appellant's case, the AO has merely disallowed the expenses claimed by it in its Profit & Loss Account. Such disallowance of expenses has been made on estimate ....