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TMI Blog2022 (5) TMI 445X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 2484/Mum/2021, for the A.Y 2009-10 as a lead case. The revenue has raised the following grounds of appeal. 1. "Whether on the facts and in the circumstance of the case and in law, the Ld. CIT(A) has erred in deleting the penalty u/s. 271(1)c) of Rs. 3,74,872/- which was levied on the addition of Rs. 11,02,886/- being 4% of the total bogus purchase of Rs. 2,75,72, 160?" 2. "Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the penalty u/s. 271(1)(c) of Rs.3,74,872/- inspite of the penalty levied on the amount of Rs. 11,02,886/- which was made on the basis of information received from DGIT( Inv.) and Sales Tax Department, Maharashtra with regard to bogus purchase made by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that the assessee has made purchases from seven parties aggregating to Rs.2,75,72,165/- and the assessee was called to submit the copies of purchase bills, transport bills pertaining to purchase transactions. Since the assessee has not submitted the details, the A.O. has issued the notice u/s 133(6) of the Act on the seven partiers in respect of purchases and the notices were returned un served by the postal authorities and no reply was received. Therefore the A.O. has called for the additional details from the books of accounts maintained. The A.O. found that the genuineness of the purchase transactions could not be established by the assessee with evidences and the A.O. relied on the judicial decisions and estimated income @ 12.5% of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d relied on the Coordinate Bench of Hon'ble Tribunal and the Hon'ble High Court decisions and observed that no penalty can be levied on estimated income and directed the A.O. to delete the penalty and allowed the assessee's appeal. Aggrieved by the order of the CIT(A),the revenue has filed an appeal with the Hon'ble Tribunal. 6. At the time of hearing, none appeared on behalf of the assessee. Contra, the Ld. DR submitted that the CIT(A) erred in deleting the penalty, whereas the A.O has received the information that, the assessee has obtained bogus purchase bills and the same could not be overlooked and prayed for allowing the revenue appeal. 7. We heard the Ld.DR submissions and perused the material on record. The sole crux of the disput ..... X X X X Extracts X X X X X X X X Extracts X X X X
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