https://www.taxtmi.com/caselaws?id=285146 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the IT Act for the assessment year 2010-11. The penalty was deleted based on the estimation and adhoc nature of the additions related to bogus purchases, as concrete evidence of concealment was lacking. The Tribunal upheld that penalties cannot be sustained when assessments are made on an estimation basis, ultimately dismissing the revenue's appeal. en-us Mon, 16 Jan 2017 00:00:00 +0530 Sun, 29 Dec 2019 08:14:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285146 The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the IT Act for the assessment year 2010-11. The penalty was deleted based on the estimation and adhoc nature of the additions related to bogus purchases, as concrete evidence of concealment was lacking. The Tribunal upheld that penalties cannot be sustained when assessments are made on an estimation basis, ultimately dismissing the revenue's appeal. Case-Laws Income Tax Mon, 16 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285146