https://www.taxtmi.com/caselaws?id=314322 The Tribunal addressed penalty proceedings under Income Tax Act, section 271(1)(c). It found that penalty cannot be levied on estimated additions, even for alleged bogus purchases. The Tribunal deleted the penalty after noting the additions were restricted to 5% of disputed purchases based on an industry average profit ratio. The appeal was allowed, emphasizing that estimated or ad hoc additions do not constitute conclusive evidence of income concealment or inaccurate particulars. en-us Thu, 19 Oct 2023 00:00:00 +0530 Tue, 29 Apr 2025 16:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314322 The Tribunal addressed penalty proceedings under Income Tax Act, section 271(1)(c). It found that penalty cannot be levied on estimated additions, even for alleged bogus purchases. The Tribunal deleted the penalty after noting the additions were restricted to 5% of disputed purchases based on an industry average profit ratio. The appeal was allowed, emphasizing that estimated or ad hoc additions do not constitute conclusive evidence of income concealment or inaccurate particulars. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314322