2024 (11) TMI 366

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....a, Sr. DR ORDER PER BENCH : Both these appeals filed by the assessee are directed against the order(s) passed by the Ld. Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (NFAC), Delhi ["Ld.CIT(A)"] and relate to AYs. 2010-11 and 2011-12. The assessee is aggrieved by the decision of the Ld.CIT(A) in confirming the penalty levied by the AO u/s. 271(1)(c) of the Income Tax Act,....

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....ty could not have been levied on estimated additions. In support of this proposition, the Ld A.R placed here reliance on the following case law:- a. ETCO Profiles (P.) Ltd., vs. ACIT [2015] 61 taxmann.com 470 (Mumbai-Trib.); b. Jatin Enterprises vs. ACIT, 2024 (3) TMI 1073 - ITAT Mumbai; 3.1. The Ld.AR further submitted that the ratio of the above said decisions shall squarely apply to the fa....

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....le where the addition is made on estimated basis. The Hon'ble Punjab & Haryana High Court has also expressed the same view in the case of CIT vs. Sangrur Vanaspati Mills Ltd., [303 ITR 53]. Both these decisions have been followed by the Mumbai Benches of the Tribunal in the case of Jatin Enterprises vs. ACIT (supra). 5.1. In the instant case, the AO has added 100% value of bogus purchases. Howeve....