Assessee had shown purchases from various parties. Assessment order passed under section 143(3) of the Act, AO, in absence of sufficient material to prove genuineness of purchases, made addition of 12.5% of total purchases. Thereafter, he levied penalty under section 271(1)(c). CIT(A), by following the decision of Co-ordinate Bench of Tribunal in the case of Mukesh Shaligram Sharda v. ITO, deleted the penalty holding that no penalty under section 271(1)(c) was leviable on estimated additions. Since finding of CIT(A) were based on decision of Co-ordinate Bench of Tribunal, there was no infirmity in the same. [ITA No. 2548/Mum/2023 dt. 20/03/2024] (AY. 2011-12)