2024 (5) TMI 221

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....sment year 2009-10, which in turn arose from the penalty order dated 23/03/2018 passed under section 271(1)(c) of the Act. 2. The present appeal is delayed by 33 days. In the application seeking condonation of delay filed by the Revenue, it has been submitted that due to internal restructuring and transfer of case records and other material, the limitation period for filing the present appeal expired. Having considered the submissions made in the aforesaid application, we are of the considered view that there is sufficient cause for not preferring the appeal within the prescribed limitation period. Accordingly, the delay in filing the present appeal is condoned. 3. The only grievance of the Revenue is against the deletion of penalty l....

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....e the penalty should be sustained to that extent. On the other hand, the learned Authorised Representative submitted that in the present case, all the required details were furnished by the assessee, and in the assessment order the AO also noted that the assessee is having healthy net profit and Gross profit ratio for the year under consideration as compared to the earlier years. It was further submitted that the AO has not doubted the evidence submitted by the assessee. However, merely in the absence of confirmation from the vendors, made an addition to an extent of 12.5% of the total suspicious purchases. Thus, it was submitted that the entire addition made by the AO is on an ad hoc basis and is merely an estimate. 7. We find that the ....