https://www.taxtmi.com/caselaws?id=776336 Penalty under section 271(1)(c) was held not leviable where the trading addition relating to alleged bogus purchases was ultimately sustained only on an estimated gross profit basis. The appellate adjustment replaced the original addition with an estimated profit component, and the retention of penalty on such estimated income did not establish concealment or furnishing of inaccurate particulars with the certainty required for penalty proceedings. The penalty was therefore directed to be deleted in favour of the assessee. en-us Mon, 06 Jan 2025 00:00:00 +0530 Fri, 08 Aug 2025 05:20:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776336 Penalty under section 271(1)(c) was held not leviable where the trading addition relating to alleged bogus purchases was ultimately sustained only on an estimated gross profit basis. The appellate adjustment replaced the original addition with an estimated profit component, and the retention of penalty on such estimated income did not establish concealment or furnishing of inaccurate particulars with the certainty required for penalty proceedings. The penalty was therefore directed to be deleted in favour of the assessee. Case-Laws Income Tax Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776336