Penalty u/s 271(1)(c) Not Justified for Bogus Purchases if Assessee Provides Sufficient Evidence; 15% Addition Insufficient.

Penalty u/s 271(1)(c) Not Justified for Bogus Purchases if Assessee Provides Sufficient Evidence; 15% Addition Insufficient. https://www.taxtmi.com/highlights?id=45806 Penalty u/s 271(1)(c) - bogus purchases - If the assessee has submitted all the documentary evidences to substantiate the purchases so made then merely making of estimated addition of 15% will not attract the penalty en-us Thu, 11 Apr 2019 05:15:42 +0530 Thu, 11 Apr 2019 05:15:42 +0530 TaxTMI RSS Generator Penalty u/s 271(1)(c) Not Justified for Bogus Purchases if Assessee Provides Sufficient Evidence; 15% Addition Insufficient. https://www.taxtmi.com/highlights?id=45806 Penalty u/s 271(1)(c) - bogus purchases - If the assessee has submitted all the documentary evidences to substantiate the purchases so made then merely making of estimated addition of 15% will not attract the penalty Highlights Income Tax Thu, 11 Apr 2019 05:15:42 +0530 https://www.taxtmi.com/highlights?id=45806