2023 (8) TMI 214

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....Mahita Nair Sr. AR ORDER PER BENCH: The aforesaid appeals have been filed by the Assessee against separate impugned order of even dates 06.01.2023 passed by NFAC Delhi, in relation to the penalty proceedings u/s. 271(1)(c), for the AY: 2009-10 & 2010-11. The Assesses mainly aggrieved by levy penalty of u/s. 271(1)(c), of Rs. 1,65,134/- in AY 2009-10; and 43,021/- for the AY: 2010-11. In b....

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....accounts. However, the Ld. AO simply based on said information held that purchases cannot be accepted to be genuine and accordingly he estimate gross profit rate of 12.5% of the unproved purchases which amounts to Rs. 5,34,417/- in AY: 2009-10 & Rs. 2,08,840/- in AY: 2010-1011. 3. Now, the penalty has been levied on estimation of gross profit of the purchases by the AO on the ground that, befor....

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....have been made by proper banking channel by cheques drawn on banks • The assessee produced books of accounts including stock register Said Books of accounts have been properly maintained and duly audited by the independent auditor and no discrepancy has been noticed on such audit. Your honour also has not found any discrepancy in said books of accounts • The assessee prod....

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....ra sales tax department, without any independent enquiry by the AO. Once the source of the purchases are from the books, payments have been made through banking channels along with the copy of delivery challans and here in particular case, assessee also produced stock register and also quantities the details of purchases, corresponding sales, therefore it cannot be held that the purchases were non....