https://www.taxtmi.com/caselaws?id=424349 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2009-10. The dispute centered on the genuineness of purchases from M/s. Om Trading Company, resulting in an addition of Rs. 32,76,000. The Tribunal upheld the 30% estimation of purchases, citing lack of evidence for income concealment. Consequently, the penalty was deleted, as it lacked merit based on estimation. The decision was rendered on February 25, 2022, with both parties present. en-us Fri, 25 Feb 2022 00:00:00 +0530 Mon, 27 Jun 2022 20:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424349 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2009-10. The dispute centered on the genuineness of purchases from M/s. Om Trading Company, resulting in an addition of Rs. 32,76,000. The Tribunal upheld the 30% estimation of purchases, citing lack of evidence for income concealment. Consequently, the penalty was deleted, as it lacked merit based on estimation. The decision was rendered on February 25, 2022, with both parties present. Case-Laws Income Tax Fri, 25 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424349