https://www.taxtmi.com/caselaws?id=408830 The ITAT dismissed the revenue's appeal challenging a penalty imposed under Sec. 271(1)(c) for inaccurate income particulars related to bogus purchases. The CIT(A) had vacated the penalty, deeming it based on estimation. Despite the revenue's argument citing a CBDT Circular exception, the ITAT clarified that the exception applied to quantum additions, not penalties. As the penalty did not meet the exception criteria, the appeal was deemed not maintainable due to the lower tax effect, as per CBDT Circular No. 17/2019. en-us Fri, 21 May 2021 00:00:00 +0530 Mon, 09 Jan 2023 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408830 The ITAT dismissed the revenue's appeal challenging a penalty imposed under Sec. 271(1)(c) for inaccurate income particulars related to bogus purchases. The CIT(A) had vacated the penalty, deeming it based on estimation. Despite the revenue's argument citing a CBDT Circular exception, the ITAT clarified that the exception applied to quantum additions, not penalties. As the penalty did not meet the exception criteria, the appeal was deemed not maintainable due to the lower tax effect, as per CBDT Circular No. 17/2019. Case-Laws Income Tax Fri, 21 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408830