2014 (2) TMI 606

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....The present appeal has been filed by the Department under Section 260A of the Income-tax Act, 1961, against the judgment and order dated 31.08.2006, passed by the Income-tax Appellate Tribunal, Lucknow in I.T.A. No.904/Luc./2005, for the assessment year 2000-2001. The brief facts of the case are that during the assessment year under consideration, the assessee was engaged in the business of elect....

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....nsel for the assessee submits that after deleting the additions, the remaining amount in the quantum comes remains about Rs.20 lakh, but in the penalty order addition is shown as Rs.44,51,850/-. So, the penalty amount is not rightly mentioned. He further submits that both the appellate authorities have deleted the entire penalty. He made a request that the present appeal may kindly be dismissed by....

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....ratio laid down in the case of Durga Kamal Rice Mill Vs. CIT 265 ITR 25, Calcutta. When the addition is made on the estimate basis, no penalty is sustainable as per the ratio laid down in the following cases:-      1. CIT v. Raj Bans Singh [2005] 276 ITR 351 (All.)      2. CWT v. Sanghi Brothers (India) Ltd. [2008] 301 ITR 129 (M.P).;    &n....