https://www.taxtmi.com/caselaws?id=406259 The penalty imposed under Section 271(1)(c) of the Income Tax Act was deleted by the Appellate Tribunal as the income was assessed on an estimation basis regarding non-genuine purchases. The Tribunal upheld the decision that penalties cannot be levied solely on estimations without concrete evidence, emphasizing the inapplicability of penalties in such scenarios. The case underscores the significance of factual evidence in penalty proceedings and the invalidity of penalties when income assessments are based on estimations rather than concrete proof. en-us Fri, 05 Mar 2021 00:00:00 +0530 Sat, 10 Apr 2021 09:02:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406259 The penalty imposed under Section 271(1)(c) of the Income Tax Act was deleted by the Appellate Tribunal as the income was assessed on an estimation basis regarding non-genuine purchases. The Tribunal upheld the decision that penalties cannot be levied solely on estimations without concrete evidence, emphasizing the inapplicability of penalties in such scenarios. The case underscores the significance of factual evidence in penalty proceedings and the invalidity of penalties when income assessments are based on estimations rather than concrete proof. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406259