https://www.taxtmi.com/caselaws?id=301405 The ITAT upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) related to the estimated addition for bogus purchases amounting to Rs. 3,53,388. The penalty was linked solely to the bogus purchase addition, which was sustained by the ITAT, leading to the deletion of the penalty. The ITAT found the CIT(A)'s decision reasonable and in line with the case specifics, ultimately ruling in favor of deleting the penalty and dismissing the revenue's appeal. en-us Thu, 10 Jun 2021 00:00:00 +0530 Mon, 04 Apr 2022 09:12:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301405 The ITAT upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) related to the estimated addition for bogus purchases amounting to Rs. 3,53,388. The penalty was linked solely to the bogus purchase addition, which was sustained by the ITAT, leading to the deletion of the penalty. The ITAT found the CIT(A)'s decision reasonable and in line with the case specifics, ultimately ruling in favor of deleting the penalty and dismissing the revenue's appeal. Case-Laws Income Tax Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301405