2023 (11) TMI 1356

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.... PER: PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of National Faceless Appeal Centre, Delhi (NFAC)/learned Commissioner of Income Tax (Appeals) (in short, the ld. CIT(A)) dated 28/07/2023 in confirming the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961 (in short, the Act) for the Assessment Year (AY) 2009-10. The assessee has....

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....310/-. The ld. AR of the assessee submits that it is settled position under law that no penalty is leviable on estimated additions. To support his view, the ld. AR of the assessee relied on the following case laws: (i) CIT Vs Subhash Trading Co. (1996) 86 Taxman 30 (Guj) (ii) Navjivan Oil Mills Vs CIT (2002) 124 Taxman 392 (Guj) (iii) CIT Vs Valimkbhai H patel (2006) 280....

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....ubmissions of both the parties and perused the record carefully. I find that the Assessing Officer while passing the assessment order, noted that the has shown purchases in cash aggregating to Rs. 77,03,224/-. The Assessing Officer after giving show cause notice, disallowed 50% of such purchases. Aggrieved by the additions in the assessment order, the assessee filed appeal before the ld. CIT(A). T....