https://www.taxtmi.com/caselaws?id=405546 The tribunal dismissed the revenue's appeals regarding the legitimacy of penalties levied under section 271(1)(c) of the Income Tax Act. The penalties were deleted by the Ld. CIT(A) as they were based on an estimation of gross profit on alleged non-genuine purchases without concrete evidence of concealment or inaccurate particulars. Citing precedents, the tribunal held that penalties cannot be imposed when income is assessed on an estimation basis. The tribunal affirmed the Ld. CIT(A)'s decision and concluded that the penalties were unjustified. en-us Fri, 05 Mar 2021 00:00:00 +0530 Tue, 23 Mar 2021 08:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405546 The tribunal dismissed the revenue's appeals regarding the legitimacy of penalties levied under section 271(1)(c) of the Income Tax Act. The penalties were deleted by the Ld. CIT(A) as they were based on an estimation of gross profit on alleged non-genuine purchases without concrete evidence of concealment or inaccurate particulars. Citing precedents, the tribunal held that penalties cannot be imposed when income is assessed on an estimation basis. The tribunal affirmed the Ld. CIT(A)'s decision and concluded that the penalties were unjustified. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405546