31 December 2011
That the A.O. has made best judgement/ ex party order and deemed income on net profit rate 3% as shown by other assessee of similar trade, he has not consider our past record ( N.P. rate 2.5% of the value ) and also initiate penalty u/s 271(1)(c). Can he made it . If no then suggest any citation / judgement etc. Thanks in advance.
01 January 2012
CIT V Kailash Crockery House (1999) 235 ITR 544 (Patna). This is a case in which G.P declared was 10.50% against which 15% is fixed by ITO. Verdict is penalty u/s 271(1)(c) will not sustain.
08 January 2012
The Mumbai ITAT bench in Narayansingh J. Deora vs. ACIT has held that penalty u/s 271(1)(c) could not be levied where the addition was made on an estimate basis
CAclubindia
