https://www.taxtmi.com/caselaws?id=766283 Penalty under section 271(1)(c) may be sustained where additions arise from bogus purchases and the quantum is restricted to the profit element embedded in those purchases. On the stated facts, the restricted addition was treated as concealed income to the extent of the undisclosed profit generated through the bogus purchases, rather than a mere abstract estimate. The penalty was therefore upheld and the assessee's challenge failed. en-us Wed, 19 Feb 2025 00:00:00 +0530 Wed, 24 Jun 2026 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766283 Penalty under section 271(1)(c) may be sustained where additions arise from bogus purchases and the quantum is restricted to the profit element embedded in those purchases. On the stated facts, the restricted addition was treated as concealed income to the extent of the undisclosed profit generated through the bogus purchases, rather than a mere abstract estimate. The penalty was therefore upheld and the assessee's challenge failed. Case-Laws Income Tax Wed, 19 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766283