https://www.taxtmi.com/caselaws?id=774244 The Tribunal deleted penalty under section 271(1)(c) of the Income Tax Act imposed on estimated additions without concrete evidence of concealment. The assessee faced penalty after the AO made additions based on alleged bogus purchases from parties providing accommodation entries, estimating 25% as non-genuine (later reduced to 12.5% by CIT(A)). Following precedents from Rajasthan, Punjab & Haryana, and Gujarat HCs, the Tribunal held that penalty cannot be levied on purely estimated additions without direct evidence of concealment or furnishing inaccurate particulars. The appeal was allowed. en-us Thu, 03 Jul 2025 00:00:00 +0530 Sat, 05 Jul 2025 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774244 The Tribunal deleted penalty under section 271(1)(c) of the Income Tax Act imposed on estimated additions without concrete evidence of concealment. The assessee faced penalty after the AO made additions based on alleged bogus purchases from parties providing accommodation entries, estimating 25% as non-genuine (later reduced to 12.5% by CIT(A)). Following precedents from Rajasthan, Punjab & Haryana, and Gujarat HCs, the Tribunal held that penalty cannot be levied on purely estimated additions without direct evidence of concealment or furnishing inaccurate particulars. The appeal was allowed. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774244