https://www.taxtmi.com/caselaws?id=412416 The ITAT Mumbai ruled in favor of the assessee, deleting penalties under section 271(1)(c) for A.Y. 2009-10 and A.Y. 2011-12. The Tribunal found that the estimated additions on account of bogus purchases did not warrant the imposition of penalties as the gross profit declared was higher than the estimated profit. Therefore, penalties were deemed unjustified in both assessment years, leading to their deletion. en-us Mon, 13 Sep 2021 00:00:00 +0530 Fri, 17 Sep 2021 09:21:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412416 The ITAT Mumbai ruled in favor of the assessee, deleting penalties under section 271(1)(c) for A.Y. 2009-10 and A.Y. 2011-12. The Tribunal found that the estimated additions on account of bogus purchases did not warrant the imposition of penalties as the gross profit declared was higher than the estimated profit. Therefore, penalties were deemed unjustified in both assessment years, leading to their deletion. Case-Laws Income Tax Mon, 13 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412416