https://www.taxtmi.com/caselaws?id=752168 The Tribunal condoned a 33-day delay in the Revenue's appeal due to sufficient cause. It upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961, imposed for furnishing inaccurate particulars of income. The Tribunal determined that the penalty, based on an ad hoc estimation of profit from alleged bogus purchases, could not be sustained. The decision aligned with prior Tribunal rulings, dismissing the Revenue's grounds and affirming the CIT(A)'s deletion of the penalty. The appeal by the Revenue was consequently dismissed. en-us Thu, 02 May 2024 00:00:00 +0530 Fri, 03 May 2024 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752168 The Tribunal condoned a 33-day delay in the Revenue's appeal due to sufficient cause. It upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961, imposed for furnishing inaccurate particulars of income. The Tribunal determined that the penalty, based on an ad hoc estimation of profit from alleged bogus purchases, could not be sustained. The decision aligned with prior Tribunal rulings, dismissing the Revenue's grounds and affirming the CIT(A)'s deletion of the penalty. The appeal by the Revenue was consequently dismissed. Case-Laws Income Tax Thu, 02 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752168