https://www.taxtmi.com/caselaws?id=399319 Penalty under section 271(1)(c) is not sustainable where a purchase claim is only partly accepted and the quantum addition rests on estimation rather than clinching evidence of concealment. The assessee had produced purchase bills, ledger accounts and bank statements, and the material on record did not show furnishing of inaccurate particulars or suppression of income. On that basis, the penalty was held unjustified and deleted. en-us Tue, 06 Oct 2020 00:00:00 +0530 Thu, 08 Oct 2020 11:46:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399319 Penalty under section 271(1)(c) is not sustainable where a purchase claim is only partly accepted and the quantum addition rests on estimation rather than clinching evidence of concealment. The assessee had produced purchase bills, ledger accounts and bank statements, and the material on record did not show furnishing of inaccurate particulars or suppression of income. On that basis, the penalty was held unjustified and deleted. Case-Laws Income Tax Tue, 06 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399319