https://www.taxtmi.com/caselaws?id=458044 ITAT Mumbai held that penalty u/s 271(1)(c) was unsustainable where CIT(A) made ad hoc disallowance of 15% of alleged bogus purchases treated as unexplained income u/s 69C. The assessee-trader had furnished necessary details including bills, vouchers, banking channel payments and bank statements to AO. Tribunal distinguished the case from N.K. Industries Ltd where purchases were found bogus. Since coordinate bench restricted addition to 20% instead of AO's 100% addition, penalty was unjustified. Revenue failed to establish concealment of income or filing of inaccurate particulars as assessee cooperated fully during assessment proceedings. Appeal allowed. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 04 Oct 2024 20:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458044 ITAT Mumbai held that penalty u/s 271(1)(c) was unsustainable where CIT(A) made ad hoc disallowance of 15% of alleged bogus purchases treated as unexplained income u/s 69C. The assessee-trader had furnished necessary details including bills, vouchers, banking channel payments and bank statements to AO. Tribunal distinguished the case from N.K. Industries Ltd where purchases were found bogus. Since coordinate bench restricted addition to 20% instead of AO's 100% addition, penalty was unjustified. Revenue failed to establish concealment of income or filing of inaccurate particulars as assessee cooperated fully during assessment proceedings. Appeal allowed. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458044