https://www.taxtmi.com/caselaws?id=390340 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the penalty imposed on the assessee. It was concluded that penalty under Section 271(1)(c) cannot be levied when income additions are based on estimation without concrete evidence of concealment or furnishing inaccurate particulars. The Tribunal found that the AO's estimation of Gross Profit on non-genuine purchases lacked conclusive proof of concealment, leading to the deletion of the penalty. en-us Fri, 22 Nov 2019 00:00:00 +0530 Mon, 30 Dec 2019 12:29:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390340 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the penalty imposed on the assessee. It was concluded that penalty under Section 271(1)(c) cannot be levied when income additions are based on estimation without concrete evidence of concealment or furnishing inaccurate particulars. The Tribunal found that the AO's estimation of Gross Profit on non-genuine purchases lacked conclusive proof of concealment, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 22 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390340