https://www.taxtmi.com/caselaws?id=194534 The ITAT upheld penalties under Section 271(1)(c) of the Income Tax Act for A.Y. 2004-05 and 2005-06, totaling Rs. 1,79,375 and Rs. 73,185, respectively. The penalties were confirmed due to inaccurate income particulars resulting from unverifiable purchases. Additionally, the ITAT sustained the legitimacy of additions made on account of unverifiable/bogus purchases, citing concrete evidence and rejecting the assessee's claim of estimated additions. The legal precedents invoked by the assessee were deemed inapplicable, leading to the dismissal of the appeals and affirmation of the penalties. en-us Fri, 27 Mar 2015 00:00:00 +0530 Tue, 12 Sep 2017 21:47:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194534 The ITAT upheld penalties under Section 271(1)(c) of the Income Tax Act for A.Y. 2004-05 and 2005-06, totaling Rs. 1,79,375 and Rs. 73,185, respectively. The penalties were confirmed due to inaccurate income particulars resulting from unverifiable purchases. Additionally, the ITAT sustained the legitimacy of additions made on account of unverifiable/bogus purchases, citing concrete evidence and rejecting the assessee's claim of estimated additions. The legal precedents invoked by the assessee were deemed inapplicable, leading to the dismissal of the appeals and affirmation of the penalties. Case-Laws Income Tax Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194534