https://www.taxtmi.com/caselaws?id=404522 The tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The penalty was deleted as the Assessing Officer's estimation of Gross Profit on alleged non-genuine purchases was considered adhoc, following established legal principles that penalties cannot be levied on estimated income. The tribunal referenced previous cases where penalties were not imposed on estimated profits, emphasizing that estimation of profit does not amount to concealment or furnishing inaccurate particulars. Consequently, the appeal by the revenue was dismissed. en-us Thu, 11 Feb 2021 00:00:00 +0530 Thu, 25 Feb 2021 09:09:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404522 The tribunal upheld the decision of the Learned Commissioner of Income Tax (Appeals) to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The penalty was deleted as the Assessing Officer's estimation of Gross Profit on alleged non-genuine purchases was considered adhoc, following established legal principles that penalties cannot be levied on estimated income. The tribunal referenced previous cases where penalties were not imposed on estimated profits, emphasizing that estimation of profit does not amount to concealment or furnishing inaccurate particulars. Consequently, the appeal by the revenue was dismissed. Case-Laws Income Tax Thu, 11 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404522