https://www.taxtmi.com/caselaws?id=408990 The Appellate Tribunal ITAT Mumbai dismissed the Revenue's appeals challenging penalties under section 271(1)(c) for alleged bogus purchases. The Tribunal emphasized the need for concrete evidence to support penalty imposition and highlighted that penalties based solely on estimations without proof of income concealment are not sustainable. Consequently, the Tribunal upheld the Commissioner (Appeals)'s decision to delete the penalty, affirming the inapplicability of penalties without substantial evidence of income concealment. en-us Thu, 10 Jun 2021 00:00:00 +0530 Sat, 26 Jun 2021 07:51:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408990 The Appellate Tribunal ITAT Mumbai dismissed the Revenue's appeals challenging penalties under section 271(1)(c) for alleged bogus purchases. The Tribunal emphasized the need for concrete evidence to support penalty imposition and highlighted that penalties based solely on estimations without proof of income concealment are not sustainable. Consequently, the Tribunal upheld the Commissioner (Appeals)'s decision to delete the penalty, affirming the inapplicability of penalties without substantial evidence of income concealment. Case-Laws Income Tax Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408990