https://www.taxtmi.com/caselaws?id=451292 The ITAT Mumbai ruled in favor of the assessee, directing the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the penalty unsustainable as it was based solely on estimations of alleged bogus purchases. Additionally, the penalty notice was deemed defective for not specifying the applicable limb, rendering the proceedings invalid. en-us Thu, 21 Mar 2024 00:00:00 +0530 Sat, 23 Mar 2024 08:25:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451292 The ITAT Mumbai ruled in favor of the assessee, directing the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the penalty unsustainable as it was based solely on estimations of alleged bogus purchases. Additionally, the penalty notice was deemed defective for not specifying the applicable limb, rendering the proceedings invalid. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451292