https://www.taxtmi.com/caselaws?id=314306 ITAT Mumbai deleted penalty under Section 271(1)(c) imposed on assessee for bogus purchases. The penalty notice under Section 274 read with 271 was defective as it failed to specify whether penalty was for concealment of income or furnishing inaccurate particulars. Additionally, since the addition in quantum proceedings was made on estimation basis (12.5% of alleged bogus purchases), penalty under Section 271(1)(c) could not be sustained. The Tribunal relied on Mohammed Farhan A Shaikh judgment and Orient Fabritech Pvt. Ltd. precedent to rule in favor of the assessee. en-us Tue, 05 Dec 2023 00:00:00 +0530 Thu, 30 May 2024 20:53:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314306 ITAT Mumbai deleted penalty under Section 271(1)(c) imposed on assessee for bogus purchases. The penalty notice under Section 274 read with 271 was defective as it failed to specify whether penalty was for concealment of income or furnishing inaccurate particulars. Additionally, since the addition in quantum proceedings was made on estimation basis (12.5% of alleged bogus purchases), penalty under Section 271(1)(c) could not be sustained. The Tribunal relied on Mohammed Farhan A Shaikh judgment and Orient Fabritech Pvt. Ltd. precedent to rule in favor of the assessee. Case-Laws Income Tax Tue, 05 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314306