https://www.taxtmi.com/caselaws?id=410352 The Tribunal upheld the CIT(A)'s decision to delete a penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 9,93,809. The penalty was based on ad-hoc estimation of non-genuine purchases, alleged to be concealment of income and furnishing inaccurate particulars. The Tribunal agreed with the CIT(A) that penalties cannot be imposed solely on estimated additions without concrete evidence. Multiple judicial precedents were cited to support the deletion of the penalty. Consequently, the Revenue's appeal was dismissed, and the CIT(A)'s decision was upheld, finding no evidence of misconduct by the assessee. en-us Tue, 27 Jul 2021 00:00:00 +0530 Fri, 30 Jul 2021 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410352 The Tribunal upheld the CIT(A)'s decision to delete a penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 9,93,809. The penalty was based on ad-hoc estimation of non-genuine purchases, alleged to be concealment of income and furnishing inaccurate particulars. The Tribunal agreed with the CIT(A) that penalties cannot be imposed solely on estimated additions without concrete evidence. Multiple judicial precedents were cited to support the deletion of the penalty. Consequently, the Revenue's appeal was dismissed, and the CIT(A)'s decision was upheld, finding no evidence of misconduct by the assessee. Case-Laws Income Tax Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410352