TMI Blog2021 (2) TMI 636X X X X Extracts X X X X X X X X Extracts X X X X ..... ent was completed on the basis of the estimation of profit. In this regard, we find support of the decision of Hon'ble Gujarat High Court in the case of National Textiles [ 2000 (10) TMI 19 - GUJARAT HIGH COURT] in which it is specifically held that the no penalty is liable to be sustainable where the profit was estimated. Taking into account all the facts and circumstances mentioned above, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That the Ld. CIT(A) dismissed the appeal without considering the proper facts of the case. 3. That thus the confirmation of penalty on estimated assessed income is quite illegal, arbitrary, unwarranted unjustified and bad in law. 4. That the appellant further craves, to leave, to add, to alter and/or to amend any of the aforesaid grounds of appeal as and when necessary. 3. The brief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... teel Ltd., in the form of bogus/non-genuine commission/brokerage. On the basis of information, a notice u/s. 148 of the I.T. Act was issued. In pursuance of notice, the assessee filed the return of income declaring total income at ₹ 1,95,722/- on 13.03.2008. The assessee failed to cooperate with the AO, therefore, the AO rejected the books of accounts and assessed the profit @ 1% of the gros ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No penalty is leviable where the assessment was completed on the basis of the estimation of profit. In this regard, we find support of the decision of Hon'ble Gujarat High Court in the case of National Textiles Vs. CIT 2001 164 CTR 2009 (Guj) in which it is specifically held that the no penalty is liable to be sustainable where the profit was estimated. Taking into account all the facts and c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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