https://www.taxtmi.com/caselaws?id=301505 The ITAT upheld the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 by the Ld.CIT(A). The case involved alleged bogus purchases, with the AO imposing a penalty based on estimation. The Ld.CIT(A) and ITAT found no willful act of concealment or furnishing inaccurate particulars by the assessee. They emphasized that estimation does not equate to deliberate misrepresentation, especially when purchases were supported by documentation. The ITAT dismissed the revenue's appeal, highlighting the importance of evidence of deliberate concealment before imposing penalties under the Act. en-us Mon, 20 Sep 2021 00:00:00 +0530 Wed, 06 Apr 2022 22:01:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301505 The ITAT upheld the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 by the Ld.CIT(A). The case involved alleged bogus purchases, with the AO imposing a penalty based on estimation. The Ld.CIT(A) and ITAT found no willful act of concealment or furnishing inaccurate particulars by the assessee. They emphasized that estimation does not equate to deliberate misrepresentation, especially when purchases were supported by documentation. The ITAT dismissed the revenue's appeal, highlighting the importance of evidence of deliberate concealment before imposing penalties under the Act. Case-Laws Income Tax Mon, 20 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301505