https://www.taxtmi.com/caselaws?id=412493 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed on estimated income concerning profit from bogus purchases. Relying on legal precedents, the Tribunal concluded that penalties were unwarranted in cases of estimations without concrete evidence of falsity. The Revenue's appeal was dismissed, affirming the penalty deletion order by the CIT(A). en-us Fri, 13 Aug 2021 00:00:00 +0530 Mon, 20 Sep 2021 09:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412493 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed on estimated income concerning profit from bogus purchases. Relying on legal precedents, the Tribunal concluded that penalties were unwarranted in cases of estimations without concrete evidence of falsity. The Revenue's appeal was dismissed, affirming the penalty deletion order by the CIT(A). Case-Laws Income Tax Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412493