https://www.taxtmi.com/caselaws?id=405149 Penalty under section 271(1)(c) could not be sustained where the addition was based on an estimated disallowance of alleged non-genuine purchases. The assessee had disclosed the purchases in the return, filed purchase details and made cheque payments, so concealment of income or furnishing of inaccurate particulars was not independently established. Acceptance of the quantum addition, including for buying peace, did not by itself justify penalty. On those facts, the deletion of penalty was proper and the Revenue's challenge failed. en-us Tue, 09 Mar 2021 00:00:00 +0530 Fri, 12 Mar 2021 08:38:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405149 Penalty under section 271(1)(c) could not be sustained where the addition was based on an estimated disallowance of alleged non-genuine purchases. The assessee had disclosed the purchases in the return, filed purchase details and made cheque payments, so concealment of income or furnishing of inaccurate particulars was not independently established. Acceptance of the quantum addition, including for buying peace, did not by itself justify penalty. On those facts, the deletion of penalty was proper and the Revenue's challenge failed. Case-Laws Income Tax Tue, 09 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405149