https://www.taxtmi.com/caselaws?id=419383 The Tribunal upheld the penalty order against the Assessee under section 271(1)(c) of the Income Tax Act for inaccurate income particulars related to bogus purchases. Despite the Assessee's arguments against penalty imposition based on estimated amounts, the Tribunal confirmed the penalty, citing legal precedent supporting penalties on estimated additions. The appeal was dismissed, and the penalty of Rs. 1,01,75,518/- was upheld, with the decision pronounced on 20/12/2021 at Ahmedabad. en-us Mon, 20 Dec 2021 00:00:00 +0530 Thu, 10 Mar 2022 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419383 The Tribunal upheld the penalty order against the Assessee under section 271(1)(c) of the Income Tax Act for inaccurate income particulars related to bogus purchases. Despite the Assessee's arguments against penalty imposition based on estimated amounts, the Tribunal confirmed the penalty, citing legal precedent supporting penalties on estimated additions. The appeal was dismissed, and the penalty of Rs. 1,01,75,518/- was upheld, with the decision pronounced on 20/12/2021 at Ahmedabad. Case-Laws Income Tax Mon, 20 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419383