TaxTMI 
TaxTMI 
2023 (8) TMI 214
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.... 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 both the years the penalty has been levied o....
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.... 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, before the Ld. CIT(Appeals), the assessee has not pr....
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....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 produced Stock register incorporating day to day movement of stock. Said purchases are duly recorded in stock register ....
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.... 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 genuine or any kind of penalty for furnishing of inaccurate particular sales can be levied on estimated GP rate of 12.5%. 6. Nothing has ....