https://www.taxtmi.com/caselaws?id=779673 ITAT, Mumbai held that books showed false particulars and disallowance for bogus purchases was reduced from 100% to 12.5% to tax embedded profit. Those findings established furnishing of inaccurate particulars, but the AO failed to specify how the assessee concealed income; there was no evidence of concealment. Because the penalty under s. 271(1)(c) requires a clear charge of concealment and must be strictly construed, the penalty could not be sustained. The assessee's appeal against the penalty was allowed. en-us Tue, 16 Sep 2025 00:00:00 +0530 Fri, 10 Oct 2025 08:44:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779673 ITAT, Mumbai held that books showed false particulars and disallowance for bogus purchases was reduced from 100% to 12.5% to tax embedded profit. Those findings established furnishing of inaccurate particulars, but the AO failed to specify how the assessee concealed income; there was no evidence of concealment. Because the penalty under s. 271(1)(c) requires a clear charge of concealment and must be strictly construed, the penalty could not be sustained. The assessee's appeal against the penalty was allowed. Case-Laws Income Tax Tue, 16 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779673