https://www.taxtmi.com/caselaws?id=289200 The High Court upheld the Assessing Officer's assessment in the case involving discrepancies in the Gross Profit calculation by the assessee operating a bar attached hotel. The Court emphasized that the Commissioner could not substitute his reasoning for the AO's when multiple views were possible. The penalty imposed under Section 271(1)(c) was reduced from 300% to 200% by the Tribunal due to the assessee's cooperation with the additions made, which was upheld by the High Court. The Court ruled in favor of the Revenue on penalty imposition but in favor of the assessee in the assessment proceedings. en-us Mon, 12 Nov 2018 00:00:00 +0530 Tue, 21 Jul 2020 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289200 The High Court upheld the Assessing Officer's assessment in the case involving discrepancies in the Gross Profit calculation by the assessee operating a bar attached hotel. The Court emphasized that the Commissioner could not substitute his reasoning for the AO's when multiple views were possible. The penalty imposed under Section 271(1)(c) was reduced from 300% to 200% by the Tribunal due to the assessee's cooperation with the additions made, which was upheld by the High Court. The Court ruled in favor of the Revenue on penalty imposition but in favor of the assessee in the assessment proceedings. Case-Laws Income Tax Mon, 12 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289200