TaxTMI 
TaxTMI 
2017 (11) TMI 1857
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....R PER C.N. PRASAD (JM) 1. This appeal is filed by the assessee against the order of the Learned Commissioner of Income Tax (Appeals)-45, Mumbai dated 04.11.2016 for the Assessment Year 2011-12 in sustaining the penalty levied u/s.271(1)(c) of the Act. 2. Briefly stated the facts are that, the assessee an individual filed return of income on 29.09.2011 declaring the income of Rs..11,27,890/-. T....
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....om various parties referred to in the Assessment Order are genuine. Assessee is into the business of wholesale traders of building materials and assessee furnished monthly purchases and sales summary, item wise input and output quantity, details of sales, date wise purchases and sales stock register, consolidated yearly item wise quantity stock and value summary with gross profit ratios. It was co....
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....ded that the disallowance of interest led to furnishing of inaccurate particulars by the assessee. On appeal the Ld.CIT(A) sustained the penalty levied by the Assessing Officer. 5. Learned Counsel for the assessee before us in so far as the purchases treated as unexplained expenditure is concerned, submits that the Assessing Officer has estimate the profit element in the said purchases. Sales wer....
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....purchases is concerned, we are of the view that Assessing Officer had made only adhoc estimation of profit on certain purchases treated as unexplained expenditure. Assessing Officer did not doubt the sales made by the assessee from out of such purchases. Assessing Officer based on the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [356 ITR 451] estimated the pro....