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Case Law Details

Case Name : Mr. Mohammed Sharif Vs ITO (ITAT Mumbai)
Related Assessment Year : 2009-10
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Mr. Mohammed Sharif Vs ITO (ITAT Mumbai)

We find that in this case the assessment was framed by the AO after making ex-parte addition of Rs.16,54,146/-towards 100% of the bogus purchases which the co-ordinate bench of the Tribunal in quantum proceedings reduced to 12.5% of such purchases. In our opinion, this is a clear cut case where the income has been estimated by applying a percentage of 12.5% and therefore the penalty under section 271(1)(c) can not be imposed. We are, therefore, setting aside the order of Ld.  CIT(A)

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