https://www.taxtmi.com/caselaws?id=777877 ITAT reduced assessed addition for alleged bogus purchases to 5% of the purchases (AO had used 12.5%) and held the additions were based solely on estimated gross profit without material proving inaccurate particulars or concealment. Because there was no direct evidence of concealment, the Tribunal concluded penalty under s. 271(1)(c) could not be sustained and set aside the penalty for the years in issue, deciding in favour of the assessee. en-us Tue, 26 Aug 2025 00:00:00 +0530 Sat, 06 Sep 2025 08:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777877 ITAT reduced assessed addition for alleged bogus purchases to 5% of the purchases (AO had used 12.5%) and held the additions were based solely on estimated gross profit without material proving inaccurate particulars or concealment. Because there was no direct evidence of concealment, the Tribunal concluded penalty under s. 271(1)(c) could not be sustained and set aside the penalty for the years in issue, deciding in favour of the assessee. Case-Laws Income Tax Tue, 26 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777877