2013 (3) TMI 718

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.... of the Revenue for asst. yr. 2000-01 is directed against the order of learned CIT(A) dt. 29th April, 2010. This appeal has emanated from a penalty order dt. 21st March, 2005 passed under s. 27l(l)(c) of the IT Act, 1961 ("the Act' for short). 2. Briefly stated, the facts leading to this appeal are that the assessee filed its return of income for asst. yr. 2000-01 on 31st Oct., 2000 decl....

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....7; 4,10,54,332 against Uchanti (temporary). The AO treated this entire recorded amount pertaining to sales of mobile oil and other spare parts and by applying GP rate of 5.22 per cent has made an addition of ₹ 1,06,28,750. He has also made further additions on account of shortage in stock, on account of disallowance out of salary paid and other like expenses claimed. Based on these additions....

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....on. The legal position in this regard has been succinctly given in the decision in the case of Dr. Hakeem S.A. Sajed Sattar v. Asstt. CIT [2009] 120 ITD 1 (Chennai). It has been held that on estimated addition, penalty under s. 271(1)(c) of the Act cannot be imposed because there can be no concealment in these cases, nor that the assessee has furnished inaccurate particulars of income. Any estimat....