https://www.taxtmi.com/caselaws?id=778213 Penalty under section 271(1)(c) could not be sustained where the underlying addition was made on estimated profits from alleged bogus purchases. The Tribunal relied on authority that an estimated addition, by itself, does not establish concealment of income or furnishing of inaccurate particulars. On that basis, the estimated nature of the addition was held insufficient to support penalty, and the penalty was deleted. en-us Thu, 16 Jan 2025 00:00:00 +0530 Fri, 12 Sep 2025 08:45:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778213 Penalty under section 271(1)(c) could not be sustained where the underlying addition was made on estimated profits from alleged bogus purchases. The Tribunal relied on authority that an estimated addition, by itself, does not establish concealment of income or furnishing of inaccurate particulars. On that basis, the estimated nature of the addition was held insufficient to support penalty, and the penalty was deleted. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778213