https://www.taxtmi.com/caselaws?id=186940 The ITAT Ahmedabad Bench affirmed the addition of bogus purchases by an assessee-company, upholding the penalty imposition under Section 271(1)(c) of the I.T. Act, 1961. The Tribunal directed the Assessing Officer to recompute the penalty based on the income assessed, considering precedents and legal arguments raised by the appellant. The appeal was partly allowed, and the penalty computation was adjusted accordingly. en-us Fri, 31 Dec 2010 00:00:00 +0530 Tue, 04 Oct 2016 18:13:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186940 The ITAT Ahmedabad Bench affirmed the addition of bogus purchases by an assessee-company, upholding the penalty imposition under Section 271(1)(c) of the I.T. Act, 1961. The Tribunal directed the Assessing Officer to recompute the penalty based on the income assessed, considering precedents and legal arguments raised by the appellant. The appeal was partly allowed, and the penalty computation was adjusted accordingly. Case-Laws Income Tax Fri, 31 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186940