https://www.taxtmi.com/caselaws?id=423988 The Tribunal set aside the penalty under section 271(1)(c) of the Income Tax Act, 1961 for AY 2009-10, as it was based on estimations regarding alleged bogus purchases. The Tribunal found the penalty unsustainable, emphasizing that penalties cannot be imposed solely on estimations and noting defects in the statutory notice issued. The appeal was allowed, and the impugned order was set aside on March 7, 2022. en-us Mon, 07 Mar 2022 00:00:00 +0530 Mon, 20 Jun 2022 08:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423988 The Tribunal set aside the penalty under section 271(1)(c) of the Income Tax Act, 1961 for AY 2009-10, as it was based on estimations regarding alleged bogus purchases. The Tribunal found the penalty unsustainable, emphasizing that penalties cannot be imposed solely on estimations and noting defects in the statutory notice issued. The appeal was allowed, and the impugned order was set aside on March 7, 2022. Case-Laws Income Tax Mon, 07 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423988