https://www.taxtmi.com/caselaws?id=436652 The appeal against the confirmation of penalty under section 271(1)(c) for furnishing inaccurate particulars of income was allowed. The Tribunal noted that the penalty was imposed only on the estimated addition of purchases made through certain parties. It was held that only the gross profit on such purchases should be disallowed if sales were not disputed. Relying on previous Tribunal decisions and High Court rulings, the penalty on the estimated addition was directed to be deleted. Consequently, the appeal of the assessee was allowed, and a related appeal with identical facts and circumstances was also allowed. en-us Wed, 22 Feb 2023 00:00:00 +0530 Mon, 17 Apr 2023 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436652 The appeal against the confirmation of penalty under section 271(1)(c) for furnishing inaccurate particulars of income was allowed. The Tribunal noted that the penalty was imposed only on the estimated addition of purchases made through certain parties. It was held that only the gross profit on such purchases should be disallowed if sales were not disputed. Relying on previous Tribunal decisions and High Court rulings, the penalty on the estimated addition was directed to be deleted. Consequently, the appeal of the assessee was allowed, and a related appeal with identical facts and circumstances was also allowed. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436652