https://www.taxtmi.com/caselaws?id=776689 Penalty under section 271(1)(c) was held unsustainable where the addition rested on an estimated gross profit applied to alleged bogus purchases. The purchase entries were recorded in the books, the corresponding sales and quantity tally were not disturbed, and the assessment addition was based only on an ad hoc estimation. As the quantum addition had already been substantially reduced on appeal, the material did not establish concealment of income or furnishing of inaccurate particulars. The penalty was therefore deleted in favour of the assessee. en-us Tue, 07 Jan 2025 00:00:00 +0530 Sat, 16 Aug 2025 10:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776689 Penalty under section 271(1)(c) was held unsustainable where the addition rested on an estimated gross profit applied to alleged bogus purchases. The purchase entries were recorded in the books, the corresponding sales and quantity tally were not disturbed, and the assessment addition was based only on an ad hoc estimation. As the quantum addition had already been substantially reduced on appeal, the material did not establish concealment of income or furnishing of inaccurate particulars. The penalty was therefore deleted in favour of the assessee. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776689