https://www.taxtmi.com/caselaws?id=306561 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) for bogus purchases based on information from the Sales Tax Department. The Tribunal ruled that penalty on estimated income is not permissible and disallowance of purchases on an ad-hoc basis does not amount to furnishing inaccurate particulars of income. The appeal was dismissed on 03.02.2023. en-us Thu, 03 Feb 2022 00:00:00 +0530 Thu, 09 Feb 2023 10:00:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306561 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) for bogus purchases based on information from the Sales Tax Department. The Tribunal ruled that penalty on estimated income is not permissible and disallowance of purchases on an ad-hoc basis does not amount to furnishing inaccurate particulars of income. The appeal was dismissed on 03.02.2023. Case-Laws Income Tax Thu, 03 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306561