M/s Vijay Jewellers vs Additional / Joint / Deputy / Assistant Commissioner of Income-tax

Parties Involved

Facts Summary

The assessee, M/s Vijay Jewellers, filed appeals against the order of the Learned National Faceless Appeal Centre (NFAC), Delhi, which upheld the penalty orders for Assessment Years 2012-13 and 2011-12. The penalty was levied under section 271(1)(c) of the Income-tax Act, 1961, for alleged concealment of income and furnishing inaccurate particulars. The assessee argued that the additions were made on an estimated basis, and no penalty should be imposed on estimated additions. The Tribunal relied on previous judgments and held that penalty could not be levied on estimated additions.…

Legal Issues

• 1. Whether penalty under section 271(1)(c) of the Act could be levied on additions made on estimated basis.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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