Simit Sheth v. Income-tax Officer, Ward 2(2), Baroda
[Citation -2016-LL-0930-50]
| Citation | 2016-LL-0930-50 |
|---|---|
| Appellant Name | Simit Sheth |
| Respondent Name | Income-tax Officer, Ward 2(2), Baroda |
| Court | ITAT-Ahmedabad |
| Relevant Act | Income-tax |
| Date of Order | 30/09/2016 |
| Assessment Year | 2005-06 |
| Judgment | View Judgment |
| Keyword Tags | computation of income |
| Bot Summary: | Respondent Appearances by: Urvashi Shodhan, for the appellant O.P. Meena, for the respondent Date of concluding the hearing: 19.07.2016 Date of pronouncing the order: 30.09.2016 O R D E R 1. By way of this appeal, the assessee appellant has challenged correctness of the order dated 2nd July, 2013, passed by the learned CIT(A) upholding the penalty of Rs.42,702/- imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2005-06. Grievance of the assessee, in substance, is that the learned CIT(A) erred in upholding the impugned penalty of Rs.42,702/-. In the present case, originally an amount of Rs.11,16,383/- was disallowed as bogus purchases, and, on that basis, penalty under section 271(1)(c) of the Act was made. The assessee is aggrieved and is in further appeal before me. In any case, even the income is computed purely on estimate basis. In this view of the matter, in my considered view, the penalty must stand deleted. |