2020 (4) TMI 524

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....spondent : Shri Michael Jerald (DR) ORDERUNDER SECTION 254(1)OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER; 1. This appeal by assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-52, Mumbai [ld. CIT(A)] dated 22.08.2015, which arises from the penalty levied under section 271(1)(c) dated 26.10.2016. The assessee has raised the following grounds of appeal:....

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....ion, the Assessing Officer noted that there was huge cash deposit in the bank account of the assessee with State Bank of India. The assessee was asked to substantiate the cash deposit. In response to the show-cause, the assessee stated that he has sold 1500 Mixer Grinder at the profit margin of Rs. 300/- per piece and has offered the said amount for taxation. The contention of assessee was not acc....

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....,50,000/-, however, on further appeal before Tribunal, the addition was restricted to Rs. 3,37,000/- only. The reply of assessee was not accepted by Assessing Officer. The Assessing Officer levied the penalty @ 100% of the tax sought to be evaded. On further appeal before the ld. CIT(A), the action of Assessing Officer was affirmed. Further aggrieved, the assessee has filed the present appeal b....

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....ation basis. 5. On the other hand, the ld. DR for the revenue supported the order of Assessing Officer. It is settled position under the law the no penalty under section 271(1) is leveable on estimated additions made in the assessment order. 6. We have considered the submission of both the parties and perused the material available on record. There is no dispute that the Assessing Officer in....