https://www.taxtmi.com/highlights?id=62204 Penalty u/s 271(1)(c) - bogus purchases @ 25% on total purchase - After analyzing the order of the A.O. as well as the ld. CIT(A), we also found that both the lower authorities had made respective additions on the basis of estimation and it is settled law that no penalty can be levied on disallowance made on the ground of unverifiable purchases - AT en-us Tue, 01 Mar 2022 10:42:44 +0530 Tue, 01 Mar 2022 10:42:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=62204 Penalty u/s 271(1)(c) - bogus purchases @ 25% on total purchase - After analyzing the order of the A.O. as well as the ld. CIT(A), we also found that both the lower authorities had made respective additions on the basis of estimation and it is settled law that no penalty can be levied on disallowance made on the ground of unverifiable purchases - AT Highlights Income Tax Tue, 01 Mar 2022 10:42:44 +0530 https://www.taxtmi.com/highlights?id=62204