2019 (10) TMI 1623

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....2. Brief facts are, the assessee is an individual. For the assessment year under consideration, the assessee filed his return of income on 5th October 2010, declaring total income of Rs. 7,69,540. The return of income filed by the assessee was initially processed under section 143(1) of the Act. Subsequently, on the basis of information received from the Sales Tax Department, Government of Maharashtra, revealing that purchases worth Rs. 38,80,265, claimed to have been made by the assessee from four parties are not genuine, as, the concerned parties are providing accommodation bills, the Assessing Officer re-opened the assessment under section 147 of the Act. As alleged by the Assessing Officer, the assessee did not comply with the notice is....

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....eged non-genuine purchases. Thus, he submitted, when the disputed addition which now survives is only on the basis of estimation, there cannot be either concealment of income or furnishing of inaccurate particulars of income by the assessee. Therefore, no penalty under section 271(1)(c) can be levied. In support, he relied upon the following decisions:- i) ITO v/s Bandu Hatwar, ITA no .1567/Mum./2017, dated 10.10.2018; and ii) DCIT v/s Hemaa Builders & Developers Ltd., ITA no. 116/ Mum./2018, dated 13.03.2019. 5. The learned Departmental Representative relied upon the observations of learned Commissioner (Appeals). 6. We have considered rival submissions and perused material on record. At the outset, we must observe ....