https://www.taxtmi.com/caselaws?id=434543 The Tribunal allowed the appeals filed by the assessee for Assessment Years 2010-11 and 2011-12, challenging penalties imposed under section 271(1)(c) of the Income Tax Act. The penalties were imposed for concealment of income related to alleged bogus purchases from hawala parties. The Tribunal held that penalties cannot be imposed when additions are made on an estimated basis, deleting the penalties imposed by the Assessing Officer and disagreeing with the decision of the Commissioner of Income Tax (Appeals). As a result, the penalties under section 271(1)(c) were deleted for both years. en-us Tue, 24 Jan 2023 00:00:00 +0530 Sun, 26 Feb 2023 23:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434543 The Tribunal allowed the appeals filed by the assessee for Assessment Years 2010-11 and 2011-12, challenging penalties imposed under section 271(1)(c) of the Income Tax Act. The penalties were imposed for concealment of income related to alleged bogus purchases from hawala parties. The Tribunal held that penalties cannot be imposed when additions are made on an estimated basis, deleting the penalties imposed by the Assessing Officer and disagreeing with the decision of the Commissioner of Income Tax (Appeals). As a result, the penalties under section 271(1)(c) were deleted for both years. Case-Laws Income Tax Tue, 24 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434543