Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
The Appellate Tribunal held that penalty u/s 271(1)(c) on estimated additions due to bogus purchases from hawala dealers was unjustified as the assessee failed to provide detailed information requested by the AO. The AO estimated the income at 9%, later reduced to 5% by CIT (A). The Tribunal cited similar cases where penalties were not upheld for estimated income additions. The Tribunal rejected the argument that low tax effect appeals by Revenue were invalid, stating that appeals on issues of addition and penalties based on specified information are permissible. The decision favored the assessee.
The Appellate Tribunal held that penalty u/s 271(1)(c) on estimated additions due to bogus purchases from hawala dealers was unjustified as the assessee failed to provide detailed information requested by the AO. The AO estimated the income at 9%, later reduced to 5% by CIT (A). The Tribunal cited similar cases where penalties were not upheld for estimated income additions. The Tribunal rejected the argument that low tax effect appeals by Revenue were invalid, stating that appeals on issues of addition and penalties based on specified information are permissible. The decision favored the assessee.
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