https://www.taxtmi.com/caselaws?id=181222 The Tribunal allowed the assessee's appeals for Assessment Years 1996-97 and 1997-98, setting aside the penalties imposed under section 271(1)(c) for furnishing inaccurate particulars of income. For the Assessment Year 1996-97, the penalty of Rs. 3,23,040/- was deleted as the Tribunal sustained additions at 25% of bogus purchases. Similarly, for the Assessment Year 1997-98, the penalty of Rs. 1,31,039/- was deleted as additions for payments on bogus purchases were partially deleted by the Tribunal, rendering the penalties baseless. en-us Fri, 31 Jul 2009 00:00:00 +0530 Mon, 11 Apr 2016 11:27:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181222 The Tribunal allowed the assessee's appeals for Assessment Years 1996-97 and 1997-98, setting aside the penalties imposed under section 271(1)(c) for furnishing inaccurate particulars of income. For the Assessment Year 1996-97, the penalty of Rs. 3,23,040/- was deleted as the Tribunal sustained additions at 25% of bogus purchases. Similarly, for the Assessment Year 1997-98, the penalty of Rs. 1,31,039/- was deleted as additions for payments on bogus purchases were partially deleted by the Tribunal, rendering the penalties baseless. Case-Laws Income Tax Fri, 31 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181222