https://www.taxtmi.com/caselaws?id=422185 The penalties under section 271(1)(c) were deleted in this case. The Assessing Officer estimated income based on alleged bogus purchases, but the CIT(A) and ITAT reduced the additions and ultimately deleted the penalties. The Tribunal emphasized that penalties cannot be imposed on estimated income and that penalties based on information from external agencies are not sustainable. The revenue's appeals were dismissed, affirming the deletion of penalties across all appeals due to legal analysis and factual findings supporting the decision. en-us Wed, 04 May 2022 00:00:00 +0530 Wed, 11 May 2022 08:34:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422185 The penalties under section 271(1)(c) were deleted in this case. The Assessing Officer estimated income based on alleged bogus purchases, but the CIT(A) and ITAT reduced the additions and ultimately deleted the penalties. The Tribunal emphasized that penalties cannot be imposed on estimated income and that penalties based on information from external agencies are not sustainable. The revenue's appeals were dismissed, affirming the deletion of penalties across all appeals due to legal analysis and factual findings supporting the decision. Case-Laws Income Tax Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422185