https://www.taxtmi.com/caselaws?id=400172 Penalty under section 271(1)(c) was held not leviable where additions for alleged bogus purchases were sustained only on an estimated basis and the assessee's claim was unproved but not disproved by clinching evidence. The record showed purchase invoices, inward and outward material details, consumption records, and payments through normal banking channels, none of which were conclusively rebutted by the revenue. Mere rejection of an expenditure or purchase claim in assessment does not automatically establish concealment or furnishing of inaccurate particulars; a positive finding that the explanation is false is required. On these facts, deletion of penalty was upheld. en-us Mon, 26 Oct 2020 00:00:00 +0530 Fri, 30 Oct 2020 10:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400172 Penalty under section 271(1)(c) was held not leviable where additions for alleged bogus purchases were sustained only on an estimated basis and the assessee's claim was unproved but not disproved by clinching evidence. The record showed purchase invoices, inward and outward material details, consumption records, and payments through normal banking channels, none of which were conclusively rebutted by the revenue. Mere rejection of an expenditure or purchase claim in assessment does not automatically establish concealment or furnishing of inaccurate particulars; a positive finding that the explanation is false is required. On these facts, deletion of penalty was upheld. Case-Laws Income Tax Mon, 26 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400172