2024 (11) TMI 366

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....or the Revenue : Shri Ram Krishn Kedia, 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 t....

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....he Ld.CIT(A) on estimated basis and hence penalty 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 r....

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....d it was held that - no penalty u/s. 271(1)(c) of the Act is leviable 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....