https://www.taxtmi.com/caselaws?id=761445 The Tribunal allowed the appeal, holding that the penalty under section 271(1)(C) of the Income-Tax Act, 1961, was unsustainable as it was based solely on estimated additions of bogus purchases without concrete evidence of income concealment. Consequently, the Tribunal set aside both the impugned order and the penalty order, directing the assessing officer to delete the penalty. This decision reinforced the principle that penalties should not be imposed solely on estimations without substantive proof of concealment. en-us Fri, 08 Nov 2024 00:00:00 +0530 Mon, 11 Nov 2024 08:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761445 The Tribunal allowed the appeal, holding that the penalty under section 271(1)(C) of the Income-Tax Act, 1961, was unsustainable as it was based solely on estimated additions of bogus purchases without concrete evidence of income concealment. Consequently, the Tribunal set aside both the impugned order and the penalty order, directing the assessing officer to delete the penalty. This decision reinforced the principle that penalties should not be imposed solely on estimations without substantive proof of concealment. Case-Laws Income Tax Fri, 08 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761445