Tribunal Rules No Penalty u/s 271(1)(c) for Estimated Income with 12.5% Bogus Purchase Addition.

Tribunal Rules No Penalty u/s 271(1)(c) for Estimated Income with 12.5% Bogus Purchase Addition. https://www.taxtmi.com/highlights?id=46767 Penalty u/s 271(1)(c) - Addition of bogus purchases - Tribunal in quantum proceedings reduced to 12.5% of such purchases - since income has been estimated by applying a percentage, hence the penalty u/s 271(1)(c) can not be imposed in such cases en-us Sat, 25 May 2019 09:56:01 +0530 Sat, 25 May 2019 09:56:01 +0530 TaxTMI RSS Generator Tribunal Rules No Penalty u/s 271(1)(c) for Estimated Income with 12.5% Bogus Purchase Addition. https://www.taxtmi.com/highlights?id=46767 Penalty u/s 271(1)(c) - Addition of bogus purchases - Tribunal in quantum proceedings reduced to 12.5% of such purchases - since income has been estimated by applying a percentage, hence the penalty u/s 271(1)(c) can not be imposed in such cases Highlights Income Tax Sat, 25 May 2019 09:56:01 +0530 https://www.taxtmi.com/highlights?id=46767