https://www.taxtmi.com/caselaws?id=407498 The tribunal allowed both appeals of the assessee, setting aside the CIT(A)'s order and deleting the penalty under section 271(1)(c) of the Income Tax Act. The tribunal found that the assessing officer's disallowance of purchases as bogus was based on estimates without proper verification, and the assessee had provided valid purchase vouchers. The tribunal emphasized that there was no evidence of concealment or furnishing inaccurate particulars of income, leading to the decision to overturn the penalty. en-us Tue, 06 Apr 2021 00:00:00 +0530 Thu, 13 May 2021 08:27:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407498 The tribunal allowed both appeals of the assessee, setting aside the CIT(A)'s order and deleting the penalty under section 271(1)(c) of the Income Tax Act. The tribunal found that the assessing officer's disallowance of purchases as bogus was based on estimates without proper verification, and the assessee had provided valid purchase vouchers. The tribunal emphasized that there was no evidence of concealment or furnishing inaccurate particulars of income, leading to the decision to overturn the penalty. Case-Laws Income Tax Tue, 06 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407498