M/S. NATIONAL TEMPO HOUSE vs. JOINT COMMISSIONER OF INCOME-TAX,,

In the result, the appeal of assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.1215/Pun/2016 Block Period : 1987-88 To 1997-98

138/- by applying GP rate of 20%. The learned Authorized Representative for the assessee stressed that it is case of addition on the basis of estimation and where the levy of penalty under section 158BFA(2) of the Act was discretionary, then the authorities below had the authority to drop penalty proceedings. In this regard, first reliance was placed