https://www.taxtmi.com/caselaws?id=407417 The Tribunal upheld the CIT(A)'s decision to delete a penalty under section 271(1)(c) of the Income Tax Act imposed by the AO for alleged bogus purchases. The CIT(A) found the purchases genuine, supported by valid documents, and not inaccurate. The AO's estimation of income did not justify the penalty, as penalties are not applicable when additions are made on an estimation basis. The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision based on legal principles and precedents. en-us Wed, 07 Apr 2021 00:00:00 +0530 Tue, 11 May 2021 08:35:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407417 The Tribunal upheld the CIT(A)'s decision to delete a penalty under section 271(1)(c) of the Income Tax Act imposed by the AO for alleged bogus purchases. The CIT(A) found the purchases genuine, supported by valid documents, and not inaccurate. The AO's estimation of income did not justify the penalty, as penalties are not applicable when additions are made on an estimation basis. The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s decision based on legal principles and precedents. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407417