https://www.taxtmi.com/caselaws?id=390787 The Tribunal allowed the appeal, deleting the penalty of Rs. 1,32,50,920/-. It held that the penalty could not be sustained as the addition was based on an estimate and the assessee had provided sufficient evidence to substantiate the purchases. The Tribunal emphasized that merely because the AO did not accept the assessee's explanation, it did not automatically justify the imposition of a penalty under section 271(1)(c). en-us Wed, 11 Dec 2019 00:00:00 +0530 Sat, 11 Jan 2020 07:11:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390787 The Tribunal allowed the appeal, deleting the penalty of Rs. 1,32,50,920/-. It held that the penalty could not be sustained as the addition was based on an estimate and the assessee had provided sufficient evidence to substantiate the purchases. The Tribunal emphasized that merely because the AO did not accept the assessee's explanation, it did not automatically justify the imposition of a penalty under section 271(1)(c). Case-Laws Income Tax Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390787