ACIT 12(3)(2), MUMBAI vs. LASHKARIA CONSTRUCTION PVT LTD., MUMBAI

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ITA 553/MUM/2020Status: DisposedITAT Mumbai28 September 2021AY 2011-123 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the additions were estimated and not based on concealment or inaccurate particulars. Furthermore, the Revenue's appeal was not maintainable due to the low tax effect as per CBDT Circular No. 17/2019.

What were the facts?

The Revenue appealed against the deletion of penalty imposed under Section 271(1)(c) for alleged bogus purchases. The additions were initially made but later restricted to 10% on appeal, leading to the penalty.

What were the issues?

Whether penalty under Section 271(1)(c) can be levied on estimated additions and if the Revenue's appeal is maintainable based on the low tax effect circular.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: HON’BLE SHRI VIKAS AWASTHY, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Respondent: Shri Brajendra Kumar – Ld. DR

O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year [AY] 2011-12 arises out of the order of Ld. Commissioner of Income-Tax (Appeals)-20, Mumbai [CIT(A)] dated 15/10/2019 which has deleted the penalty of Rs.18,05,912/- u/s 271(1)(c) as levied by Ld. AO vide penalty order dated 30/03/2017. Though none appeared for assessee, however, the material on record was sufficient enough for disposal of the appeal. The Ld. DR pleaded for restoration of the penalty.

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