Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Personal hearing requirements in GST adjudication were satisfied by prior opportunities and written submissions; appellate limitation received writ-pe...
The ITAT Mumbai, in a case involving penalty u/s 271(1)(c) for estimation of income on bogus purchases, held that when additions are based on estimation, no penalty can be imposed. The CIT(A) had limited the disallowance to 17.5%, which was further reduced to 8% by the Tribunal. The Tribunal found that adhoc disallowance of purchases does not amount to furnishing inaccurate particulars of income. Citing M/s Nikunj Eximp Enterprises, the Tribunal directed the AO to delete the penalty, overturning the CIT(A)'s decision. The appeal was allowed in favor of the assessee based on facts, circumstances, and legal precedents.
The ITAT Mumbai, in a case involving penalty u/s 271(1)(c) for estimation of income on bogus purchases, held that when additions are based on estimation, no penalty can be imposed. The CIT(A) had limited the disallowance to 17.5%, which was further reduced to 8% by the Tribunal. The Tribunal found that adhoc disallowance of purchases does not amount to furnishing inaccurate particulars of income. Citing M/s Nikunj Eximp Enterprises, the Tribunal directed the AO to delete the penalty, overturning the CIT(A)'s decision. The appeal was allowed in favor of the assessee based on facts, circumstances, and legal precedents.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
