https://www.taxtmi.com/caselaws?id=441606 The Tribunal confirmed the deletion of the penalty imposed under section 271(1)(c) for the assessment years 2009-10 and 2010-11. The penalty was based on an adhoc estimate of gross profit on alleged bogus purchases made by the assessee. The CIT(A) and Tribunal both ruled in favor of the assessee, emphasizing the need for concrete evidence in penalty proceedings. The assessee's detailed records and explanations, supported by banking transactions, were deemed sufficient to refute the allegations of suppression and inaccurate income particulars. The penalty was ultimately dismissed, with the Tribunal highlighting the distinction between assessment and penalty proceedings. en-us Tue, 16 May 2023 00:00:00 +0530 Fri, 11 Aug 2023 09:58:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441606 The Tribunal confirmed the deletion of the penalty imposed under section 271(1)(c) for the assessment years 2009-10 and 2010-11. The penalty was based on an adhoc estimate of gross profit on alleged bogus purchases made by the assessee. The CIT(A) and Tribunal both ruled in favor of the assessee, emphasizing the need for concrete evidence in penalty proceedings. The assessee's detailed records and explanations, supported by banking transactions, were deemed sufficient to refute the allegations of suppression and inaccurate income particulars. The penalty was ultimately dismissed, with the Tribunal highlighting the distinction between assessment and penalty proceedings. Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441606