https://www.taxtmi.com/caselaws?id=368890 The Tribunal reduced the penalty under section 271(1)(c) of the Income Tax Act 1961 imposed on alleged bogus purchases from 100% to 25% of the tax evaded. This decision was influenced by a previous Co-ordinate Bench ruling that sustained the quantum addition for bogus purchases at 25% of the alleged amount. The Tribunal found the penalty reduction justified based on the revised quantum of addition, directing the Assessing Officer to impose the penalty at 25% of the original amount, resulting in partial relief for the assessee. en-us Thu, 11 Oct 2018 00:00:00 +0530 Tue, 16 Oct 2018 09:50:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368890 The Tribunal reduced the penalty under section 271(1)(c) of the Income Tax Act 1961 imposed on alleged bogus purchases from 100% to 25% of the tax evaded. This decision was influenced by a previous Co-ordinate Bench ruling that sustained the quantum addition for bogus purchases at 25% of the alleged amount. The Tribunal found the penalty reduction justified based on the revised quantum of addition, directing the Assessing Officer to impose the penalty at 25% of the original amount, resulting in partial relief for the assessee. Case-Laws Income Tax Thu, 11 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368890