https://www.taxtmi.com/caselaws?id=306811 The Tribunal allowed the Department's Miscellaneous Application under section 254(2) of the Income Tax Act, 1961, based on the exception in para 10(f) of the CBDT letter. Furthermore, the Tribunal upheld the deletion of penalty under section 271(1)(c) for alleged bogus purchases, stating penalties cannot be imposed on estimated additions. The appeal by the Revenue was dismissed, emphasizing the lack of definite findings on income concealment. Judgments were delivered on June 17, 2022. en-us Fri, 17 Jun 2022 00:00:00 +0530 Sun, 26 Feb 2023 09:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306811 The Tribunal allowed the Department's Miscellaneous Application under section 254(2) of the Income Tax Act, 1961, based on the exception in para 10(f) of the CBDT letter. Furthermore, the Tribunal upheld the deletion of penalty under section 271(1)(c) for alleged bogus purchases, stating penalties cannot be imposed on estimated additions. The appeal by the Revenue was dismissed, emphasizing the lack of definite findings on income concealment. Judgments were delivered on June 17, 2022. Case-Laws Income Tax Fri, 17 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306811