https://www.taxtmi.com/caselaws?id=314332 The ITAT Surat held that penalty under section 271(1)(c) cannot be levied when income addition is made on estimation basis for bogus purchases. The tribunal established that penalty is not leviable on additions restricted to estimation basis, following precedents from previous cases. The court ruled in favor of the assessee, determining that the penalty under section 271(1)(c) would not survive when the disallowance was made purely on estimation grounds rather than for concealment of income or furnishing inaccurate particulars. en-us Tue, 27 Feb 2024 00:00:00 +0530 Fri, 31 May 2024 21:37:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314332 The ITAT Surat held that penalty under section 271(1)(c) cannot be levied when income addition is made on estimation basis for bogus purchases. The tribunal established that penalty is not leviable on additions restricted to estimation basis, following precedents from previous cases. The court ruled in favor of the assessee, determining that the penalty under section 271(1)(c) would not survive when the disallowance was made purely on estimation grounds rather than for concealment of income or furnishing inaccurate particulars. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314332