2021 (8) TMI 113

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... This appeal by the revenue is against order 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. Asses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the issue as to how this satisfaction of concealment /furnishing 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 Ho....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ainst this order, revenue is in appeal before us. 4. We have heard 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 opi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ppeals before ITAT. The revenue has tried to make out a case that since the addition was made pursuant to information from sales tax department, this penalty appeal falls in the exception carved out in the CBDT circular regarding appeals arising out of additions made pursuant to information from outside agencies. We are of the opinion that this plea is not tenable inasmuch as once revenue accepts ....