https://www.taxtmi.com/caselaws?id=441235 The penalties imposed on the assessee for alleged bogus purchases for the assessment years 2009-10 and 2010-11 were deleted by the Appellate Tribunal. The Tribunal found that the penalties were based on an adhoc estimate without proper verification and that the purchases were supported by genuine documentation and records. The penalties for furnishing inaccurate particulars of income were deemed unwarranted, leading to the deletion of penalties imposed by the Assessing Officer and confirmed by the CIT(A) for both years. The appeals were allowed in favor of the assessee. en-us Wed, 10 May 2023 00:00:00 +0530 Fri, 04 Aug 2023 07:49:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441235 The penalties imposed on the assessee for alleged bogus purchases for the assessment years 2009-10 and 2010-11 were deleted by the Appellate Tribunal. The Tribunal found that the penalties were based on an adhoc estimate without proper verification and that the purchases were supported by genuine documentation and records. The penalties for furnishing inaccurate particulars of income were deemed unwarranted, leading to the deletion of penalties imposed by the Assessing Officer and confirmed by the CIT(A) for both years. The appeals were allowed in favor of the assessee. Case-Laws Income Tax Wed, 10 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441235