https://www.taxtmi.com/caselaws?id=404052 The ITAT Mumbai dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act for bogus purchases. The Tribunal agreed that when additions are made on an estimation basis, no penalty is applicable for concealment of income or furnishing inaccurate particulars. The CIT(A)'s decision was supported by legal precedents, confirming that the appellant had not concealed income or provided inaccurate details. The Tribunal concluded that the CIT(A) judiciously upheld the deletion of the penalty, resulting in the dismissal of the revenue's appeal. en-us Tue, 09 Feb 2021 00:00:00 +0530 Tue, 29 Oct 2024 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404052 The ITAT Mumbai dismissed the revenue's appeal, affirming the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act for bogus purchases. The Tribunal agreed that when additions are made on an estimation basis, no penalty is applicable for concealment of income or furnishing inaccurate particulars. The CIT(A)'s decision was supported by legal precedents, confirming that the appellant had not concealed income or provided inaccurate details. The Tribunal concluded that the CIT(A) judiciously upheld the deletion of the penalty, resulting in the dismissal of the revenue's appeal. Case-Laws Income Tax Tue, 09 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404052