https://www.taxtmi.com/caselaws?id=756468 The ITAT upheld the decision of the ld. CIT(A) to delete the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income. The penalty, originally levied on an estimated basis for alleged bogus purchases, was deemed unsustainable. The ITAT dismissed the revenue's appeal, affirming that penalties are not justifiable for additions made on estimation. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 08:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756468 The ITAT upheld the decision of the ld. CIT(A) to delete the penalty imposed under section 271(1)(c) for furnishing inaccurate particulars of income. The penalty, originally levied on an estimated basis for alleged bogus purchases, was deemed unsustainable. The ITAT dismissed the revenue's appeal, affirming that penalties are not justifiable for additions made on estimation. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756468