https://www.taxtmi.com/caselaws?id=463477 ITAT held that penalty under s.271(1)(c) could not be imposed where the assessing authority estimated income by applying a fair gross profit ratio to alleged bogus purchases. Relying on HC precedent, the Tribunal set aside the penalty and decided in favour of the assessee, finding the estimation method reasonable and not warranting penal action. en-us Wed, 06 Dec 2023 00:00:00 +0530 Wed, 03 Sep 2025 19:06:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463477 ITAT held that penalty under s.271(1)(c) could not be imposed where the assessing authority estimated income by applying a fair gross profit ratio to alleged bogus purchases. Relying on HC precedent, the Tribunal set aside the penalty and decided in favour of the assessee, finding the estimation method reasonable and not warranting penal action. Case-Laws Income Tax Wed, 06 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463477