https://www.taxtmi.com/caselaws?id=777230 Penalty for concealment was held not attracted where alleged bogus purchases were accepted only for estimating income by applying a gross profit rate, while the purchases were recorded in the books and the corresponding sales were not rejected. On those facts, the particulars of purchase were not treated as inaccurate in the sense required for section 271(1)(c), and an estimated quantum addition did not justify a penalty for concealment or furnishing inaccurate particulars. The penalty was therefore deleted and the assessee succeeded. en-us Thu, 09 Jan 2025 00:00:00 +0530 Wed, 27 Aug 2025 08:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777230 Penalty for concealment was held not attracted where alleged bogus purchases were accepted only for estimating income by applying a gross profit rate, while the purchases were recorded in the books and the corresponding sales were not rejected. On those facts, the particulars of purchase were not treated as inaccurate in the sense required for section 271(1)(c), and an estimated quantum addition did not justify a penalty for concealment or furnishing inaccurate particulars. The penalty was therefore deleted and the assessee succeeded. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777230