2019 (6) TMI 1762

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....R Per Bench : These are appeals by the assessee against order's of learned CIT-A wherein following penalty levied under 271(1)(c) of the Act has been confirmed as under:- assessment year amount of penalty 2009-10 78,467 2010-11 223,022 2011-12 83,210 2. Brief facts of the case leading to the levy of penalty are that the assessing officer in these cases made disallo....

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....ficer. The purchase vouchers were duly produced and the payments were through banking channel. The sales are not doubted and the gross profit shown by the assessee was over 12.5%. In these backgrounds in our considered opinion assessee cannot be visited with the rigours of penalty under section 271(1)(c). As a matter of fact, on many occasions on similar circumstances in quantum proceedings the di....