2021 (8) TMI 113

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....er of learned CIT(A)-40, Mumbai dated 23/10/2019 wherein following penalty levied under 271(1)(c) has been deleted :- Assessment Year Amount of Penalty 2010-11 Rs. 1,30,600/- 2. The brief facts of the case leading to the levy of penalty are that the Assessing Officer in this case made disallowance of 20% on account of bogus purchases. Assessee has supplied the purchase vouchers and the paymen....

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....hing of inaccurate particulars was arrived at. Therefore, the qualification of the alleged concealment/inaccurate particulars is only an estimate and it is settled law that penalty is not attracted on estimated additions without any establishing clear concealment of income or furnishing of inaccurate particulars of income. The Hon'ble Delhi High Court in C1T vs. Aero Traders Pvt. Ltd., repo....

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.... Ld DR and perused the records. As clear from the facts recorded above, the disallowance has been made on an estimated basis on account of the nonproduction of suppliers before the Assessing Officer. The purchase vouchers were duly produced and the payments were through banking channel. In these backgrounds, in our considered opinion, assessee cannot be visited with the rigours of penalty under se....