https://www.taxtmi.com/caselaws?id=360192 The Tribunal upheld the imposition of a penalty under section 271(1)(c) of the Income Tax Act on the assessee for the assessment year 2008-09. The penalty was based on estimated undisclosed income arising from alleged bogus purchases. Despite the assessee's argument that the penalty was unwarranted as actual purchases were made from different parties, the Tribunal found that the Revenue had proven the deliberate subversion by the assessee in booking bogus bills to inflate expenses. The Tribunal concluded that the penalties were justified, dismissing the appeal and confirming the penalty imposed by the Revenue. en-us Thu, 10 May 2018 00:00:00 +0530 Fri, 11 May 2018 08:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360192 The Tribunal upheld the imposition of a penalty under section 271(1)(c) of the Income Tax Act on the assessee for the assessment year 2008-09. The penalty was based on estimated undisclosed income arising from alleged bogus purchases. Despite the assessee's argument that the penalty was unwarranted as actual purchases were made from different parties, the Tribunal found that the Revenue had proven the deliberate subversion by the assessee in booking bogus bills to inflate expenses. The Tribunal concluded that the penalties were justified, dismissing the appeal and confirming the penalty imposed by the Revenue. Case-Laws Income Tax Thu, 10 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360192