9911796707
TMI Blog2021 (9) TMI 1024X X X X Extracts X X X X X X X X Extracts X X X X ..... s by the revenue are in respect of the same assessee and arise out of three separate orders, all dated 11-11-2019, of learned Commissioner of Income-tax (Appeals)-45, Mumbai deleting the penalty imposed under section 271(c) of the Income Tax Act, 1961 for the assessment years 2010-11, 2011-12 and 2009-10. 2. Briefly the facts are, the assessee, a partnership firm, is stated to be engaged in the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tricted the addition to the profit element embedded in the alleged non genuine purchases by estimating at 12.5% in all the years. Assessee contested the aforesaid additions before learned Commissioner (Appeals). Following the decision of the Tribunal in assessee's own case for assessment year 2009-10, though, learned Commissioner (Appeals) approved estimation of profit element at 12.5%; howeve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osing penalty, assessee preferred appeals before learned Commissioner (Appeals). Being convinced with the submissions of the assessee that no offence in terms of section 271(1)(c) of the Act has been committed, learned Commissioner (Appeals) deleted the penalty imposed in all the assessment years under challenge. 4. We have considered rival submissions and perused materials on record. Undisputedl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee to prove the source of purchase could be due to various factors. However, that by itself, cannot lead to the conclusion that the assessee has furnished inaccurate particulars of income so as to visit him with penalty under section 271(c) of the Act. More so, when the additions have been made purely on estimate basis. Therefore, for the foretasted reasons, we do not find any infirmity in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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