https://www.taxtmi.com/caselaws?id=195244 The Tribunal allowed the appeals, ruling that penalties under section 271(1)(c) for assessment years 2002-03 to 2004-05 were unjustified. The penalty was based on estimated additions due to alleged bogus purchases, but the Tribunal found insufficient concrete evidence to support the penalties. As the additions were primarily estimation-based and lacked factual substantiation, the Tribunal directed the Assessing Officer to delete the penalties imposed for all the assessment years in question. en-us Wed, 04 May 2016 00:00:00 +0530 Tue, 24 Oct 2017 10:38:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195244 The Tribunal allowed the appeals, ruling that penalties under section 271(1)(c) for assessment years 2002-03 to 2004-05 were unjustified. The penalty was based on estimated additions due to alleged bogus purchases, but the Tribunal found insufficient concrete evidence to support the penalties. As the additions were primarily estimation-based and lacked factual substantiation, the Tribunal directed the Assessing Officer to delete the penalties imposed for all the assessment years in question. Case-Laws Income Tax Wed, 04 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195244