https://www.taxtmi.com/caselaws?id=417260 The tribunal upheld the CIT(A)'s decision to delete penalties imposed by the Assessing Officer under section 271(1)(c) for all Assessment Years, related to estimated income from bogus purchases. The tribunal emphasized the need for conscious concealment for penalty imposition, finding no evidence of such conduct. Consequently, all three appeals by Revenue were dismissed, affirming the deletion of penalties. The judgment was pronounced on 31.08.2021. en-us Tue, 31 Aug 2021 00:00:00 +0530 Wed, 19 Jan 2022 08:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417260 The tribunal upheld the CIT(A)'s decision to delete penalties imposed by the Assessing Officer under section 271(1)(c) for all Assessment Years, related to estimated income from bogus purchases. The tribunal emphasized the need for conscious concealment for penalty imposition, finding no evidence of such conduct. Consequently, all three appeals by Revenue were dismissed, affirming the deletion of penalties. The judgment was pronounced on 31.08.2021. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417260