https://www.taxtmi.com/caselaws?id=445093 The Tribunal allowed the Assessee's appeal against the penalty order under Section 271(1)(c) of the Income Tax Act, 1961, for AY 2012-13. The penalty, based on estimated additions for bogus purchases, was deemed unsustainable as it lacked sufficient evidence. The Tribunal found no concealment or furnishing of inaccurate particulars of income, noting the purchases were opening balances not related to the relevant year. Consequently, the Tribunal set aside the CIT(A)'s order and directed the reversal of the Rs. 1,17,271 penalty imposed by the Assessing Officer. en-us Wed, 18 Oct 2023 00:00:00 +0530 Mon, 30 Oct 2023 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445093 The Tribunal allowed the Assessee's appeal against the penalty order under Section 271(1)(c) of the Income Tax Act, 1961, for AY 2012-13. The penalty, based on estimated additions for bogus purchases, was deemed unsustainable as it lacked sufficient evidence. The Tribunal found no concealment or furnishing of inaccurate particulars of income, noting the purchases were opening balances not related to the relevant year. Consequently, the Tribunal set aside the CIT(A)'s order and directed the reversal of the Rs. 1,17,271 penalty imposed by the Assessing Officer. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445093